Alumis targets $300M raise in what could be year’s third-biggest IPO

2024-06-24

IPO

Alumis on Monday set lofty terms for its planned public debut that could see the inflammation-focused biotech claim the title of third-largest IPO of the year.

The company, which is developing TYK2 inhibitors TYK2 inhibitors to treat several autoimmune and neurodegenerative diseases, proposed to sell 17.7 million shares at a range of $16 to $18 each. At the midpoint, Alumis would raise $300 million, behind CG Oncology’s massive $380 million IPO in January and just trailing CAR-T developer Kyverna’s $319 million offering in February.

If underwriters buy their share overallotment, the public offering could garner Alumis a valuation of up to $1 billion.

Market ups and downs

While the public markets have proven to be a bit of a rollercoaster this year for biotechs, the trading performance of the most recent IPO suggests Alumis may manage to swim, rather than sink, at its debut.

Neuromedicines developer Rapport Therapeutics raised $136 million in its IPO earlier this month, and has thus far managed to keep its stock in the green – unlike the majority of biotechs who have gone public this year. For more IPO analysis, see Vital Signs: Taking the temperature on a cooling IPO cycle.

Alumis shares two similarities with Rapport that could indicate a similar success. Both biotechs have neurology programmes, and both had raised substantial venture funding before planning their IPOs.

Thanks to a $259-million March megaround, Alumis had gathered $600 million in private funding to progress its pipeline of TKY2 inhibitors. Its lead programme, ESK-001, is slated to start a Phase III study in plaque psoriasis in the second half. The firm is also developing a brain-penetrant compound for neuroinflammatory diseases such as multiple sclerosis.

However, the public markets haven’t been rosy for everyone. Australian radiopharmaceutical developer Telix decided at the eleventh hour to withdraw its NASDAQ IPO plans earlier this month, citing lower-than-desired pricing.

While Telix may not have achieved its dual-listing goal, that hasn’t stopped Ascentage Pharma from trying its own luck. The Chinese cancer drug developer, which trades on the Hong Kong stock exchange, announced late on Sunday that it has submitted an initial filing signalling its intent to seek a US IPO.

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