Immunology biotech Alumis secures $250M in shrunken IPO

Alumis, an immunology drug developer on the cusp of Phase 3, will go public Friday in a smaller IPO than it originally projected.

The Bay Area startup sold 13.12 million shares $ALMS at $16 apiece to fund late-stage testing of its lead TYK2 drug, studies of a second asset in neuroinflammatory conditions and preclinical projects.

The Nasdaq debut comes at the low end of the price range it set earlier this week. It’s also about 4.5 million fewer shares than originally projected, but it sold an additional 2.5 million shares in a concurrent private placement at the same price to existing backer AyurMaya Capital Management.

Alumis looks to create a next-gen immunology treatment — behind Bristol Myers Squibb’s Sotyktu and Takeda’s TAK-279 — and will have to spend heavily to produce results. The company…
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