LONDON: Alumis aims to Evaluation The therapy developer said on Monday it will raise up to $1.01 billion in its initial public offering in the United States.
Biotech IPOs There have been signs of improvement in the market this year, but hopes of a complete recovery in the market have faded due to the continued poor performance since the beginning.
Alumis, formerly known as Esker Therapeutics, is moving toward its listing more than three months after it secured a $259 million Series C financing. It is seeking to raise up to $317.7 million in the IPO by offering about 17.7 million shares at a price between $16 and $18 per share.
Alumis, based in South San Francisco, California, will enter the market following therapy developer Rapport Therapeutics’ strong market debut earlier this month.
Allumis, whose name is inspired from “allumere” – the French word meaning to illuminate, and “immunis” – the Latin word meaning immune system – is involved in developing oral therapies to address immune disorders.
The company’s key candidates, ESK-001There is a possible treatment for plaque PSOriasis (PsO) and systemic lupus erythematosus (SLE,
If approved for PsO, ESK-001 would compete with oral clinical therapies such as Bristol Myers Squibb’s Sotiqtu.
PsO is a skin disease that causes patches of dry, itchy, and red skin that are covered with scales, while SLE is a chronic disease in which the body’s immune system attacks its own tissues.
Alumi’s loss widened to $49.8 million in the quarter ended March 31, from $36 million in the previous year.
Alumis, incubated by healthcare and life sciences investment firm Foresight Capital in 2021, intends to use the IPO proceeds to fund the development of its product candidates.
Its major investors include venture capital fund Ayurmaya, hedge fund Baker Brothers Life Sciences and Foresight Capital.
Alumis is expected to be listed on the Nasdaq under the symbol “ALMS.” Morgan Stanley, Leerink Partners, Cantor Fitzgerald and Guggenheim Securities are the underwriters for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)
therapy-developer-alumis-seeks-up-to-1-bln-valuation-in-us-ipo-et-healthworld
