Alumis readies $300 million IPO ahead of Phase 3 trial for plaque psoriasis drug

By Steve Gelsi

California-based biopharmaceutical company plans to trade on the Nasdaq under the symbol ALMS

Alumis Inc. on Monday said it plans to offer 17.65 million shares at an estimated price range of $16 to $18 per share in its upcoming initial public offering.

At the midpoint of its range, Alumis would raise about $300 million with underwriters ?Morgan Stanley, Leerink Partners??, Cantor and ??Guggenheim Securities.

Alumis plans to trade on the Nasdaq under the symbol ALMS.

Based in South San Francisco, Calif., Alumis is a clinical-stage biopharmaceutical developing two tyrosine kinase 2, or TYK2, inhibitors: ESK-001 and A-005.

On ESK-001, Alumis is planning multiple Phase 3 clinical trials in the second half of 2024 as a treatment for moderate to severe plaque psoriasis, a skin disease.

The company said ESK-001 has demonstrated "significant therapeutic effect" for patients in its Phase 2 program.

Alumis also expects results in 2026 for an evaluation of ESK-100 for a Phase 2 clinical trial in patients with systemic lupus erythematosus.

The company has also launched a Phase 1 trial of A-005 as an allosteric TYK2 inhibitor to help treat neuroinflammatory and neurodegenerative diseases, with initial results expected by the end of 2024.

Martin Babler has been president, chairman and chief executive of Alumis since 2021.

He previously worked as chief executive of Principia Biopharma Inc., a biotechnology company acquired by Sanofi S.A. (FR:SAN) in 2020.

Foresite Capital Management, Baker Brothers Life Sciences LP and AyurMaya Capital Management Fund LP are listed as principal shareholders in the Alumis IPO.

-Steve Gelsi

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06-24-24 1140ET

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