M&A · Healthcare · Pharmaceutical Preparations
Alumis Inc. to acquire ACELYRIN, Inc.
Announced Feb 6, 2025 · Closed May 21, 2025
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Alumis Inc. (ALMS)
- Target
- ACELYRIN, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 21, 2025
Deal protections
- Break fee (target pays)
- $10.0M
- Reverse fee (buyer pays)
- $10.0M
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Guggenheim
- Morgan Stanley fee
- $7.0M
- Guggenheim fee
- $5.5M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- Sector median 64.5%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedFeb 6, 2025
- Proxy filedApr 4, 2025
- Definitive proxyApr 4, 2025
- Shareholder voteMay 13, 2025
- ClosedMay 21, 2025
Valuation · fairness opinions
Discounted cash flowMorgan Stanley$6.97$8.04
Discounted cash flowMorgan Stanley$16.57$19.92
52-week trading rangeMorgan Stanley$6.29$13.53
Discounted cash flowGuggenheim$4.59$5.68
52-week trading rangeGuggenheim$1.89$8.63
Discounted cash flowGuggenheim$11.10$15.88
Discounted cash flowGuggenheim$6.53$13.00
Discounted cash flowGuggenheim$5.31$7.12
Implied value per ACELYRIN, Inc. share by analysis, from Morgan Stanley and Guggenheim.