Acelyrin has raised $250m through the series B financing round to license and acquire other programmes with focus on immunology.
The funding round was led by Matrix Capital Management’s affiliated fund AyurMaya, Surveyor Capital, and Westlake Village BioPartners.
Other new investors in the round include Decheng Capital, OrbiMed, Tybourne Capital Management, RTW Investments, Cowen Healthcare Investments, Marshall Wace, venBio Partners, and Samsara BioCapital.
Additionally, Acelyrin entered into a collaboration deal with Swedish biotech firm Affibody for the development and commercialisation of izokibep, an antibody mimetic interleukin-17A inhibitor.
The IL-17A inhibitor is designed to overcome the limitations of monoclonal antibodies.
The company also plans to use the proceeds obtained from the Series B round to accelerate the development of izokibep.
Acelyrin CEO and co-founder Shao-Lee Lin said: “This financing catalyses our ability to rapidly advance the late-phase development of izokibep and demonstrate its potential for differentiation within the class of IL-17 inhibitors, both by unlocking new indications as well as achieving differentiated efficacy in existing blockbuster indications, where significant unmet needs persist.
“The financing also catapults our ability to proactively build the company and aggressively pursue the expansion of our portfolio to meaningfully improve patients’ lives.”
As part of the partnership deal, the company gained worldwide rights to izokibep except for the development and commercialisation in some Asian countries, which are reserved for Inmagene Biopharmaceuticals.
Affibody retained rights for commercialisation in the Nordic countries.
In addition, Acelyrin will also have an option to license additional molecules developed by the Affibody.
Under the agreement, the company will pay $25m in upfront payment to the Swedish biotech firm, which will also be eligible to receive an additional $280m in regulatory and sales milestones.
At present, izokibep is enrolling in a pivotal trial to treat patients with uveitis, an inflammation that occurs inside the eye.
It is also being studied in a Phase IIb trial to treat a chronic form of arthritis, called axial spondylarthritis (AS), which primarily affects the spine and enthesites.