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Alumis readies IPO to fund rival drug to Bristol Myers’ Sotyktu

2024-06-10

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IPO临床1期上市批准并购临床2期

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Biotechnology startup Alumis on Friday outlined plans for an initial public offering that would fund clinical development of a pair of autoimmune and neurological disease drugs.

Biotechnologys are TYKAlumisbitors, a group of oral medicines that drugmakers are positioning as alternatives to injectable biologics fautoimmune and neurological diseaseuld begin late-stage testing in psoriatic arthritis later this year and is in Phase 2 trials for other autoimmune conditions. Alumis also has a similar central nervous system-targeting drug in a Phase 1 trial, according to its IPO filing.

After a fast start TYK2 inhibitors TYK2 year, the pace of biotech IPOs has slowed, with 11 companies raising about $1.6 billion in combined proceeds. Whilinflammatoryanies had priced an IPO by the same point last year,psoriatic arthritisf the five years prior, according to BioPharma Dive data. Only one biotech, Rapport Therapeutics, has gone public in the last two months.

Dive Insight:Rapport Therapeutics

Alumis’ IPO is the latest test of investor interest in immunology, an area of drug research that’s been in focus for pharmaceutical companies and biotech venture firms this year.

Alumishave been 10 buyouts of immune drug developers in 2024, more than in each of the previous six years, according to BioPharma Dive data. Seven of those buyouts involved private biotechs, led by Johnson & Johnson’s $1.25 billion buyout of Yellow Jersey Therapeutics last month.

Several immunology-focused startups, among them Mirador Therapeutics, AltruBio and Capstan Therapeutics, have raised funding rounds exceeding $100 million, meanwhile. Alumis closed a $259 million seJohnson & Johnsone months ago.Yellow Jersey Therapeutics

Immune drug developers account for only two of tMirador TherapeuticsocAltruBioces tCapstan Therapeuticsre also responsible for three of the five largest IPOs — Acelyrin, Kyverna Therapeutics and Apogee Therapeutics — since the start of 2023.

Alumis’ offering will help support Phase 3 trials of a drug it claims could be a challenger to Bristol Myers Squibb’s TYK2 inhibitor Sotyktu. Sotyktu was approvAcelyrin22Kyverna Therapeuticss andApogee Therapeutics in multiple other inflammatory conditions. Alumis claims its lead drug, ESK-001, is more selective and potent.

Alumisat hasn’t been proven yet, and ESK-001 trails a competing TYK2 medicine from Takeda. VentBristol Myers SquibbherTYK2 inhibitor TYK22 drug deveSotyktuitSotyktuilar IPO pitch to Alumis, plaque psoriasis market value and redrew its development plans after disappointing Alumisresults in 2023.ESK-001

With ESK-001, Alumis is starting withESK-001tic arthritis, a disTYK2 Sotyktu isn’t yet apprVentyx Biosciences company iTYK2ds to start Phase 3 studies in that indicatiAlumiser this year, and has Phase 2 trials underway in lupus and uveitis underway.

BecauESK-001ain genetic mutations to Tpsoriatic arthritisiated with a protective effect in multiple sclerosis, the company is developing a different TYK2 inhibitor, A-005, for neuroinflammatory conditions, according to Alulupusfilinuveitise 1 results are expected by the end of 2024.

Alumis acquired ESK-001 via a buyout TYK2tartup FronThera in 2021. Some of the IPO proceedsmultiple sclerosismake a $23 million payment to FronThera’TYK2 inhibitor TYK2areholders aA-005 start of a Phase 3 trial. Alumis would still oweAlumishera’s backers another $60 million in potential milestone payments afterwards, according to the IPO filing.

Alumis, previousESK-001n as Esker Therapeutics, FronTheraated by San Francisco startup incubator Foresite Labs and formed in 2021.FronThera Alumis FronThera