Venture-backed drug developer Alumis Inc. launched plans on Monday for an estimated $300 million initial public offering, guided by Cooley LLP and underwriters’ counsel Latham & Watkins LLP. This move positions Alumis among the active pipeline of IPO prospects this week.
Alumis Aims For $300M IPO : Offering Details
South San Francisco-based Alumis told regulators it plans to offer 17.65 million shares priced between $16 and $18, raising $300 million at the midpoint. If shares price at this midpoint, Alumis would go public at a market value of about $958 million, based on the number of shares outstanding disclosed in its registration statement.
Alumis’ IPO is scheduled to price later this week, according to a calendar maintained by research firm Renaissance Capital. This planned listing follows a strong debut by another biotechnology firm, Rapport Therapeutics Inc., which raised $136 million on June 7 to treat central nervous system disorders.
Alumis Aims For $300M IPO : Company Focus and Development
Alumis is developing therapies to treat diseases stemming from immune dysfunction. The company told regulators that most IPO proceeds will fund the development of its lead product candidate, ESK-001, designed to treat severe plaque psoriasis, a skin condition caused by an overactive immune system. Additionally, Alumis is developing ESK-001 to treat lupus and uveitis, a type of eye inflammation.
