Ademi & Fruchter LLP is investigating ACELYRIN (Nasdaq: SLRN) for possible breaches of fiduciary duty and other violations of law in its transaction with Alumis.
In the transaction, ACELYRIN stockholders will receive only 0.4274 shares of Alumis common stock for each share of ACELYRIN common stock owned. Upon the close of the transaction, Alumis stockholders will own approximately 55% of the combined company and ACELYRIN stockholders will own approximately 45% of the combined company, on a fully diluted basis. ACELYRIN insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for ACELYRIN by imposing a significant penalty if ACELYRIN accepts a competing bid. We are investigating the conduct of ACELYRIN’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.