President Trump’s nominee to run the FDA secured the Senate HELP Committee’s backing. Elsewhere, Sutro cut jobs and a cell and gene therapy pilot appeared to survive.

Acelyrin (NASDAQ:SLRN) announced Thursday a decision to adopt a limited-duration stockholder rights plan, also known as a poison pill, after Tang Capital Partners rapidly accumulated 8.8% of the company stock following an unsolicited acquisition offer.

The late-stage biopharma said the plan will issue one right for each share of common stock as of the close of business on March 24. The rights will initially trade with its common stock, and will become exercisable only if any person acquires 10% or more of Acelyrin's outstanding common stock.