Immune Disease-Focused Alumis Raises $250M In Downsized Initial Public Offering

On Friday, Alumis Inc ALMS priced its initial public offering at $16/share, the low end of the range of $16 to $18, raising $210 million via 13.13 million shares offering.

Earlier, the company anticipated offering 17.65 million, raising $274 million and $315 million if the underwriters' over-allotment option is fully exercised.

In addition, 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 being 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 existing shareholder.

The shares are expected to begin trading on the 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 analytics platform, Alumis is building a pipeline of molecules with the potential to address a broad range of immune-mediated diseases as monotherapy or combination therapies.

Alumis' most advanced product candidate, ESK-001, is an oral, highly selective, small molecule, allosteric inhibitor of TYK2 that is currently being evaluated for 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.

In April, the company initiated 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 the last check on Friday.

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