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The biotech company Acelyrin, which raised more than $500 million in an IPO this year, ran into its first major setback Monday as its investigational anti-inflammatory drug missed the primary goal in a pivotal clinical trial.

Acelyrin’s medicine, a subcutaneous treatment called izokibep, is meant to clear up lesions for patients with the common skin disease hidradenitis suppurativa, or HS, an inflammatory disorder that leads to abscesses and scars. But after 16 weeks of treatment, patients who received izokibep did not show significant improvements compared to those taking a placebo, failing the study’s primary endpoint.

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Acelyrin’s share price fell more than 60% in after-hours trading Monday.

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