What's Going On With Alumis Shares Tuesday?

Alumis, Inc. ALMS stock is trading higher on Tuesday after the company announced it entered into a collaboration and licensing agreement with Kaken Pharmaceuticals.

What To Know: Under the agreement, Alumis is licensing ESK-001, a drug aimed at treating immune dysregulation in various diseases, to Kaken for development, manufacturing and commercialization in Japan, limited to dermatologic applications.

Kaken has the option to expand the license to include rheumatological and gastrointestinal diseases.

Alumis will receive $40 million in upfront and near-term co-development payments from Kaken between 2025 and 2026, with the potential to earn up to $140 million more through milestones and other payments. The company will also receive tiered royalties ranging from the low double digits to the twenties on net sales of ESK-001 in Japan.

“We are thrilled to announce this agreement with Kaken, a dermatology leader with significant reach and expertise in the Japanese market,” said Martin Babler, President and CEO of Alumis.

“This partnership builds on the positive Phase 2 clinical data of ESK-001, our next-generation oral TYK2 inhibitor, supporting our objectives to unlock its full therapeutic potential and ensure ESK-001 is widely accessible to people with immune-mediated disorders around the world.”

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ALMS Price Action: At the time of publication, Alumis shares are trading 8.6% higher at $4.10, according to data from Benzinga Pro.

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