Immune disease graduate raises $250 million in scaled-down IPO

Immune disease grad raises $250M in small IPO — Immune disease-focused Alumis raises $250 million in downsized IPO

Friday, Alumis Inc (NASDAQ:ALMS) priced its IPO at $16/share, the low end of the $16-$18 range, raising $210 million via an offering of 13.13 million shares.

Previously, the company planned to offer $17.65 million, raising $274 million and $315 million if the underwriters’ over-allotment option was fully exercised.

Additionally, Alumis has granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,968,750 shares.

In addition to the shares sold in the initial public offering, Alumis also announced that it has agreed to sell an additional 2.5 million shares in a concurrent private placement at $16.00 per share to AyurMaya Capital Management Fund, LP, its current shareholder.

The shares are expected to begin trading on Nasdaq on June 28, 2024, under the symbol “ALMS.”

Alumis is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases.

Leveraging its proprietary precision data analysis platform, Alumis is building a pipeline of molecules with the potential to treat a broad range of immune-mediated diseases as monotherapy or combination therapies.

Alumis’ lead product candidate, ESK-001, is an oral, highly selective, small molecule allosteric inhibitor of TYK2 that is currently being evaluated in moderate-to-severe plaque psoriasis and systemic lupus erythematosus.

In March, the company presented clinical data from a Phase 2 clinical trial of ESK-001 in patients with moderate to severe plaque psoriasis.

Alumis plans to initiate Phase 3 trials of ESK-001 in moderate to severe plaque psoriasis in the second half of 2024.

Alumis is also developing A-005, a CNS-penetrant allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases, with potential application in multiple sclerosis and Parkinson’s disease.

In April, the company began dosing in a Phase 1 trial of A-005 in healthy participants.

Beyond TYK2, Alumis’ proprietary precision data analytics platform and drug discovery expertise have identified additional preclinical programs.

Price action: ALMS shares were trading at $12.77 at last check Friday.

Photo via Shutterstock

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This article Immune disease-focused Alumis raises $250M in scaled-down IPO originally published on Benzinga.com