Acelyrin: Potential Buyout Led By Concentra Biosciences
Summary
- Concentra Biosciences' $3/share + CVR bid for SLRN is superior to the ALMS stock-for-stock offer, presenting us with a 20% spread in favor of its bid.
- SLRN's remaining Phase 2 asset, Lonigutamab, has shown disappointing results, making Concentra's cash offer more attractive compared to ALMS's uncertain prospects.
- Despite this, the recent rejection of Concentra's offer makes it hard to justify the continued premium at which Concentra bid trades above the ALMS offer.
- Significant stake reduction from the largest shareholder further supports the argument against the new bid from Concentra.
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