Core Viewpoint - The merger between Alumis Inc. and ACELYRIN, INC. has been amended to provide increased ownership for ACELYRIN stockholders, with the revised exchange ratio allowing Alumis stockholders to own approximately 52% and ACELYRIN stockholders to own approximately 48% of the combined company on a fully diluted basis, maximizing potential value for both parties [1][2]. Company Overview - Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for immune-mediated diseases using a precision approach [10]. - ACELYRIN, INC. is a late-stage clinical biopharma company dedicated to accelerating the development and commercialization of transformative medicines, with its lead program targeting thyroid eye disease [11]. Merger Details - The amended agreement allows ACELYRIN stockholders to receive 0.4814 shares of Alumis common stock for each share of ACELYRIN common stock owned, representing a significant increase in ownership compared to the original merger terms [2]. - The merger is expected to create a leading clinical-stage immunology company with a diversified portfolio of product candidates, enhancing financial flexibility and advancing a late-stage pipeline [5][3]. Financial Position - Alumis reported a pro forma cash position of approximately $737 million as of December 31, 2024, which is expected to support the combined company's pipeline and operational needs into 2027 [5]. - Stockholders representing approximately 62% of Alumis voting common stock and about 24% of ACELYRIN common stock have entered into voting agreements in support of the transaction [6]. Upcoming Events - A Special Meeting of Stockholders for both companies is scheduled for May 13, 2025, where stockholders will vote on the merger [8][7].

Market Overview - The S&P 500 experienced a significant drop of approximately 10% in the first five trading days of April 2025 due to tariffs impacting market stability [1] - Investors with available cash may seek opportunities in companies that have shown resilience amid market volatility [1] Alumis (NASDAQ: ALMS) - Alumis shares surged by 64% in the five trading days leading to April 7, 2025, largely due to the announcement of a proposed merger with Acelyrin Inc. [4] - The merger is expected to consolidate strong pipelines and provide a cash runway through 2027, with multiple clinical readouts anticipated [5] - Current stock price is $8.04, with a 12-month price forecast of $26.00, indicating a potential upside of 223.38% [3] DBV Technologies (NASDAQ: DBVT) - DBV Technologies shares increased by 129% year-to-date as of April 7, 2025, and rose by 17% in the five days leading to that date [7] - The company is developing the VIASKIN peanut patch, which aims to desensitize children to peanut allergies, and has received FDA support for its Biologics License Application [8][9] - Current stock price is $7.07, with a 12-month price forecast of $22.50, suggesting a potential upside of 218.25% [6] Corcept Therapeutics (NASDAQ: CORT) - Corcept's relacorilant has shown promise in treating ovarian cancer, with a late-stage trial indicating it may delay cancer progression in patients resistant to existing chemotherapy [10] - The stock price is currently $72.97, with a 12-month price forecast of $143.25, indicating a potential upside of 96.31% [10] - Corcept's shares have increased nearly 50% year-to-date, despite a recent decline in early April [11]

Core Points - ACELYRIN, INC. has adopted a limited-duration stockholder rights plan in response to Tang Capital Partners accumulating 8.8% of its outstanding common stock [1][3] - The rights plan aims to maximize stockholder value and is effective immediately, expiring on March 12, 2026 [2][4] Rights Plan Details - Each share of common stock will receive one right, which will become exercisable if any person acquires 10% or more of the company's outstanding common stock [3] - Holders of rights (excluding the acquiring person) can purchase additional shares at a price equal to twice the exercise price [3] - Current owners exceeding the Triggering Percentage can retain their shares but cannot acquire more without triggering the rights plan [3] Company Overview - ACELYRIN focuses on developing transformative medicines in immunology, with its lead program being lonigutamab, a monoclonal antibody for thyroid eye disease [5]

Core Viewpoint - The merger between Alumis Inc. and ACELYRIN, INC. aims to create a leading clinical-stage biopharma company focused on immune-mediated diseases, enhancing long-term value for shareholders through a diversified late-stage portfolio and strong financial position [1][2][5]. Company Overview - Alumis is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases, utilizing a precision data analytics platform to optimize clinical outcomes [6]. - ACELYRIN focuses on providing transformative medicines and is currently developing lonigutamab for thyroid eye disease [7]. Merger Details - The all-stock transaction is expected to close in the second quarter of 2025, pending stockholder approval and customary closing conditions [3]. - The combined company will have a pro forma cash position of approximately $737 million as of December 31, 2024, allowing for the advancement of its pipeline and operational needs into 2027 [5]. Strategic Benefits - The merger will create a diversified portfolio of late-stage clinical assets targeting large, established markets, including therapies for plaque psoriasis, systemic lupus erythematosus, and multiple sclerosis [5]. - The combined company is expected to leverage increased financial flexibility and resources to develop life-changing medicines and enhance commercial capabilities [5]. Leadership and Governance - The executive leadership teams of both companies have a proven track record in public company management and value creation, positioning the combined entity for success [5]. - The ACELYRIN Board of Directors supports the merger, believing it maximizes long-term value for its stockholders [2]. Financial Advisors - Morgan Stanley & Co. LLC is serving as financial advisor to Alumis, while Guggenheim Securities, LLC is advising ACELYRIN [4].