Alumis aims for this year’s third-largest biotech IPO as it readies for Phase 3

Clinical-stage immunology biotech Alumis is eyeing $274 million in net proceeds from its planned initial public offering, the biotech said in a securities document Monday morning.

The South San Francisco drug developer said it plans to sell 17.65 million shares $ALMS between $16 and $18 apiece.

At the midpoint range, its IPO would be the third largest of the year, behind bladder cancer drugmaker CG Oncology’s $380 million debut in January and cell therapy maker Kyverna Therapeutics’ $319 million launch in February. Despite those strong floats, the IPO window never fully opened for the broader biotech market.

If it successfully lands the debut, Alumis’ IPO haul would nearly beat the amount it raised in a private financing earlier this spring. On March 6, Alumis took the wraps off a $259 million Series C from Foresite…
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