Pharmaceutical Industry Update: Mergers, Clinical Trials, and Executive Shake-ups

Acelyrin Rejects Concentra Bid, Pursues Alumis Merger

Acelyrin has firmly rejected an unsolicited bid from Concentra Biosciences, opting instead to proceed with its planned merger with Alumis. The company stated that Concentra's offer of $3 in cash per share, along with rights to potential future proceeds, "is not reasonably expected to result in a superior proposal" compared to the Alumis deal. Acelyrin believes the merger with Alumis will create "a leading clinical stage biopharma company for immune-mediated diseases" and maximize long-term value for shareholders, who would own approximately 45% of the combined entity.

Clinical Trial Updates: Mixed Results for Biohaven and Pliant

Biohaven Pharmaceuticals reported both positive and negative outcomes from its recent clinical trials. A small trial of its protein-degrading molecule showed promise, reducing levels of Immunoglobulin G—an antibody associated with various immune system disorders—by a median of 80%. However, the company faced a setback as its ion channel regulating drug failed to meet endpoints in a bipolar mania study.

In a more severe blow to ongoing research, Pliant Therapeutics has halted a late-stage study of its idiopathic pulmonary fibrosis drug. The decision came after two independent monitoring panels identified an "imbalance" in adverse events between the treatment and placebo groups. Pliant is now evaluating its options, which may include conducting mid-stage trials with lower, potentially safer doses.

Executive Changes and Workforce Reductions

Neumora Therapeutics announced the departure of Robert Lenz, its head of research and development, who is leaving to "pursue other interests." This exit follows a major setback for the company, which saw its share value plummet in January after its lead drug, navacaprant, failed in a late-stage study for major depression treatment. Neumora has not yet named a successor to Lenz.

Meanwhile, Atara Biotherapeutics is implementing significant workforce reductions, laying off 50% of its staff. This decision comes after the company chose to discontinue development of two cell therapy programs: ATA3219, which was in Phase 1 testing for non-Hodgkin lymphoma and lupus nephritis, and the preclinical stage ATA3431. Atara's stock has declined by over 60% in the past year, reflecting the challenges faced by the company.