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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.

"We are building a pipeline of molecules with the potential to address a broad range of immune-mediated diseases as monotherapy or combination therapies," Alumis stated in its registration statement to the U.S. Securities and Exchange Commission.

Recent Funding and Financial Status

Alumis' planned IPO comes more than three months after it secured $259 million in a Series C venture funding round. This round was led by Foresite Capital and included new investors Samsara BioCapital and venBio Partners. Other investors include AyurMaya Capital Management Fund LP and Baker Brothers Life Sciences LP. As of now, Alumis has yet to generate recurring revenue since its drugs under development have not gained regulatory approval.

Alumis Aims For $300M IPO : Competitive Market

Alumis is going public during an expectedly busy week in which up to four more companies could tap the IPO market. Leading the pack are oil land acquirer LandBridge Co. LLC and web-based comics platform Webtoon Entertainment Inc., both prepping offerings of nearly $300 million each. Australian-listed natural gas producer Tamboran Resources Corp. is also priming an estimated $166 million IPO, while cancer-focused biotechnology company Actuate Therapeutics Inc. has an estimated $50 million IPO on file that could hit markets soon.

Trading and Underwriting Details

Alumis shares are slated to trade on the Nasdaq exchange under the symbol "ALMS." Morgan Stanley & Co. LLC, Leerink Partners LLC, Cantor Fitzgerald & Co., and Guggenheim Securities LLC are underwriting Alumis' IPO.

A Cooley team led by partners Dave Peinsipp, Kristin VanderPas, and Lauren Creel is representing Alumis. The underwriters are represented by a Latham team led by partners Shayne Kennedy and Ross McAloon.