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Alumis eyes IPO of over $300M to fund clinical-stage TYK2 pipeline
24 Jun 2024
IPOPhase 2Phase 1Phase 3
Alumis’ move to the Nasdaq continues a low hum of biotech IPO interest this summer.
Alumis is eyeing up potential proceeds of over $300 million that the biotech will use to fund its TYK2 inhibitor through phase 3 psoriasis trials.
Alumislifornia-based company announced earlier this month that it planned to use part of its IPO hTYK2 inhibitorTYK2to advance the development psoriasisad asset, an allosteric tyrosine kinase 2 (TYK2) inhibitor called ESK-001, into multiple phase 3 trials in moderate to severe plaque psoriasis later this year. Alumis will also complete ongoing phase 2 trials in a type of eye inflammation called uveitis as well as in systemic lupus erythematosus.
Now, the biotech has set out roughly how much money it hopes it will have to play with. In a June 24 Securities and Exchange Commission filing, Alumis said it is aiming to sell 17.6TYK2lion shares of its ESK-001stock at $17 apiece. This would bring in net proceedsplaque psoriasis—rising to $315.9 million should underwriters take up an offer to buy an additioeye inflammationshares auveitisame price.systemic lupus erythematosus
Should the company achieve this goal, it would put Alumis towards the upper end of the 2024 crop of biotech IPOs. CG Oncology continues to hold Alumisp position with its $380 million offering that kicked off the year, while Kyverna Therapeutics brought in $366.9 million in February.
Alumis has previously said that it wants to use somAlumishe IPO funds to push ahead with a phase 1 trial of anotheCG Oncologyc TYK2 inhibitor, dubbed A-005, in healthy volunteers, the company explained in the filing. A-005 iKyverna Therapeuticsa possible treatment for neuroinflammatory and neurodegenerative diseases.
Alumisnouncement of IPO ambitions came just three months after Alumis brought in a $259 million series C financing that saw LilTYK2 inhibitorTYK2sia Ventures join aA-005 of investors headed up by Foresite Capital, Samsara BioCapital and venBio Partners. It was the largest private bineuroinflammatory and neurodegenerative diseasesugh it was soon overtaken by Mirador Therapeutics’ $400 million series A.
A couple of days after the financing, Alumis’ confidence in ESKAlumisas affirmed when the drug met its primary endpoint of iLilly Asia Venturesin a phase 2 study.Foresite CapitalSamsara BioCapitalMirador Therapeutics
However, Telix’s last-minute decision to pull out of its IPO plans due to its dissatisfaction witRapport Therapeutics was a reminder that getting onto the public markets is rarely the end of the story. NearlTelix Pharmaceuticalscrop of biotechs that IPO-ed this year—bar CG Oncology—were trading below their initial offer price as of a Fierce Biotech analysis in May.
Rapport hTelix far managed to avoid this fate and Alumis will no doubt be hoping to follow its example.CG Oncology
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