Hot on the heels of securing $259m in Series C financing three months ago, Alumis has raised a further $250m after revealing the pricing of its US initial public offering (IPO).

Formerly known as Esker Therapeutics, Alumis sold 13,125,000 shares for $16 each, as per a 27 June press release.

The pricing is at the lower end of a previously announced price range in an SEC filing. The immunology company had originally expected proceeds of $274m in an IPO landscape that is reawakening following a lull over the past few years.  

The $16 per share pricing values the company at around $902m, according to Reuters.

Alumis will begin trading on Nasdaq today [28 June], under the symbol ALMS. The offering is expected to close on 1 July.

Earlier this month, the US-based biotech said that it planned to use part of the IPO proceeds to advance its lead asset ESK-001 into multiple Phase III trials for moderate to severe plaque psoriasis treatment. ESK-001 is a tyrosine kinase 2 (TYK2) inhibitor.

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Alumis currently has an ongoing Phase II trial that is testing ESK-001 as a treatment for the autoimmune disease systemic lupus erythematosus. A-005, also a TYK2 inhibitor, is in Phase I trial for uveitis, a type of eye inflammation.

Alumis’ IPO closely follows a U-turn earlier this month taken by Telix Pharmaceuticals, which pulled the plug on plans for a Nasdaq listing. Telix, which was on course to raise $232m from the IPO, cited “current market conditions” as the reason behind abandoning these plans.

The number of biotechs going public has steadily decreased after a boom in 2020 and 2021, although 2024 has seen an uptick in activity.

Alumis’ debut will be at the higher end of this year’s class of biotech public listings. CG Oncology remains at the top of the IPO league, having raised $380m in January. Kyverna Therapeutics, Metagenomi and Alto Neuroscience have all made the jump onto US stock markets this year too.