“This is a management team we know well and have every confidence will achieve its goal of building a fully integrated biopharma company with a robust pipeline and broad research, development, and commercialization capabilities,” Sean Harper, Westlake’s co-founding managing director and Acelyrin board member, said in a statement.
The proceeds will be allocated toward licensing and acquisition of additional programs, with a focus on immunology. The funding will also be used to accelerate the development of Izokibep, a late-stage treatment for inflammatory diseases.
Acelyrin also entered into an agreement to develop and commercialize Izokibep with Affibody AB, a private clinical-stage biotech company in Sweden.
Under the terms of the Affibody agreement, Acelyrin has global rights to Izokibep except for in China, Hong Kong, South Korea and Taiwan.
The Woodland Hills-based company is enrolling Izokibep in a trial for the treatment of uveitis, a form of inflammation inside the eye, and another trial for the treatment of a chronic form of arthritis that affects the spine and tissue that connects ligaments and tendons to bone.
“We are pleased this syndicate of blue-chip investors has committed to Acelyrin and our mission to identify, license, and develop transformative therapies for patients with serious diseases and unmet needs,” Dr. Shao-Lee Lin, Acelyrin’s co-founder and chief executive, said in a statement.