Alumis, a Phase 3-ready biotech developing kinase inhibitors for immune-mediated diseases, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $300 million by offering 17.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Alumis would command a fully diluted market value of $1.0 billion.
Alumis is initially focused on developing two Tyrosine Kinase 2 (TYK2) inhibitors. Its most advanced candidate, ESK-001, is an oral, highly selective, small molecule, allosteric inhibitor of TYK2. The company plans to initiate Phase 3 pivotal trials of ESK-001 in moderate-to-severe plaque psoriasis in the 2H24. Its second candidate, A-005, is a CNS-penetrant, allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases. The company initiated a Phase 1 program of A-005 in healthy volunteers in April 2024, and expects to report initial results by the end of the year.
Alumis was founded in 2021 and plans to list on the Nasdaq under the symbol ALMS. Morgan Stanley, Leerink Partners, Cantor Fitzgerald, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2024.
