Alumis, formerly known as Esker Therapeutics, has recently garnered attention in the biotech industry by raising a noteworthy $250 million in its US initial public offering (IPO). This accomplishment follows the company’s successful procurement of $259 million in Series C financing merely three months ago.
On 27th June, the company disclosed that it had sold 13,125,000 shares for $16 each. Although this figure falls at the lower end of the projected range, it still appraises the company at around $902 million, as reported by Reuters. Alumis is scheduled to commence trading on Nasdaq under the designation ALMS, with the closing of the offering set for 1st July.
A primary objective for Alumis in deploying the funds acquired from the IPO is the advancement of its leading asset, ESK-001, into multiple Phase III trials targeting the treatment of moderate to severe plaque psoriasis. ESK-001, a tyrosine kinase 2 (TYK2) inhibitor, serves as the company’s flagship product. Additionally, Alumis is actively conducting a Phase II trial for ESK-001 as a treatment for systemic lupus erythematosus, an autoimmune disease. Furthermore, the company is also examining another TYK2 inhibitor, A-005, in a Phase I trial for uveitis, a form of eye inflammation.
The successful IPO of Alumis arrives at a time when the biotech industry in the US stock market is undergoing a revitalization, following a period of dormancy in recent years. Despite the challenges faced by other biotech companies, such as Telix Pharmaceuticals, which recently withdrew from a Nasdaq listing, Alumis has reached a significant milestone. Moreover, the company’s entrance into the public market contributes to the increasing activity within the biotech sector, echoing the decline in the number of biotechs going public after a boom in 2020 and 2021.
When compared to other biotech public listings this year, the IPO of Alumis stands out as one of the largest, with CG Oncology leading the pack after raising $380 million in January. This is alongside other successful debuts on US stock markets in 2024 by companies, including Kyverna Therapeutics, Metagenomi, and Alto Neuroscience.
As Alumis progresses with its ongoing developments and the triumphant completion of its IPO, it is indisputable that the biotech industry is witnessing an exciting and promising future.