Alumis makes it through IPO window, but not without concessions

28 Jun 2024
firstwordpharma.com
IPOPhase 3
Despite seemingly high investor interest, Alumis fell short of its original $300-million IPO goal. The inflammation-focused company sold far fewer shares than expected, and at the bottom of its proposed range, to raise $210 million – still enough to claim the title of year’s third-biggest biotech debut.
Coupled with a $40 million private placement from existing shareholder AyurMaya Capital Management Fund, Alumis raised a total of $250 million late Thursday.
Downsized offering
Alumis had been shooting for a sale of 17.7 million shares at $16 to $18 each, but the firm ended up only selling 13.1 million shares at $16 a piece.
The downsized offering comes after Australian radiopharmaceutical developer Telix pulled back from a planned NASDAQ IPO earlier this month, citing lower-than-desired pricing.
While the public markets have proven to be a rollercoaster for biotechs this year, Alumis’ $600 million in private funding — bolstered by a $259-million megaround in March – had seemed to indicate the firm had substantial investor interest to power a big ticket IPO. For more IPO analysis, see Vital Signs: Taking the temperature on a cooling IPO cycle.
Alumis is developing TYK2 inhibitorsTYK2 inhibitors to treat several autoimmune and neurodegenerative diseases. Its lead programme, ESK-001, is slated to start a Phase III study in plaque psoriasis in the second half, while mid-stage trials in uveitis and systemic lupus erythematosus are ongoing. The firm is also developing a brain-penetrant compound for multiple sclerosis.
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