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Acelyrin started trading on the Nasdaq Friday morning in one of the largest biotech initial public offerings in recent memory, with $540 million in gross proceeds and potentially $621 million if underwriters exercise their 30-day option to buy more shares.

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Drug licensor and developer Acelyrin revealed more of its IPO plans Monday morning, mapping out what could be one of the biggest biotech IPOs in the past few years if it raises $370 million by pricing at the high end of its proposed range. The California biotech aims to sell 20.6 million shares of common

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Acelyrin said it acquired privately held ValenzaBio in an all-stock transaction but didn’t disclose further financial details of the acquisition. Acelyrin, which disclosed a $300 million venture financing in September led by Access Biotechnology, previously struck a deal with biotech Affibody AB to secure global rights to develop and commercialize a compound, izokibep, except in

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