Therapies developer Alumis seeks valuation of up to $1 billion for US IPO – 06/24/2024 at 2:19 p.m.

Therapies developer Alumis seeks valuation of up to $1 billion for US IPO – 06/24/2024 at 2:19 p.m.
Therapies developer Alumis seeks valuation of up to $1 billion for US IPO – 06/24/2024 at 2:19 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Added general information and details about the company, its products and product use in paragraphs 4 to 12)

Alumis is targeting a valuation of up to $1.01 billion for its U.S. IPO, the therapy developer said Monday.

Biotech IPOs have shown signs of recovery this year, but a string of poor post-IPO results has tempered expectations of a full market recovery.

Alumis, formerly known as Esker Therapeutics, is moving forward with its IPO more than three months after securing $259 million in Series C funding. It is seeking to raise up to $317.7 million in the IPO by offering nearly 17.7 million shares priced between $16 and $18 each.

Alumis, headquartered in South San Francisco, California, will enter the market on the heels of Rapport Therapeutics RAPP.O’s strong market debut earlier this month.

Alumis, whose name is inspired by the words “ignite” (in French) and “immunis” (in Latin, the immune system), develops oral therapies to treat immune dysfunctions.

The Company’s lead candidate, ESK-001, is a potential treatment for plaque psoriasis (PsO) and systemic lupus erythematosus (SLE).

If approved for PsO, ESK-001 will compete with oral clinical treatments such as Bristol Myers Squibb BMY.N’s Sotyktu.

PsO is a skin disease that causes patches of dry, red, itchy skin covered in scales, while SLE is a chronic condition in which the body’s immune system attacks its own tissues.

Alumis’ loss widened to $49.8 million in the three months ending March 31, compared with $36 million last year.

Alumis, which was incubated by healthcare and life sciences investment firm Foresite Capital in 2021, intends to use proceeds from the IPO to fund the development of its products candidates.

Its main investors are venture capital fund AyurMaya, hedge fund Baker Brothers Life Sciences and Foresite Capital.

Alumis plans to list on Nasdaq under the symbol “ALMS.” Morgan Stanley, Leerink Partners, Cantor Fitzgerald and Guggenheim Securities are the underwriters of the offering.

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