Finance Watch: Alumis Launches IPO In Market Less Receptive Than Expected

Offering Grosses Less Than Last VC Round

Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.

Finance Watch Public Company — • Source: Alamy

Alumis, Inc. planned to raise between $282.4m and $317.7m in the last biopharmaceutical initial public offering in the US during the first half of 2024, but instead grossed $250m on 27 June from the sale of 13.13 million shares at $16 each. The offering showed that while IPO conditions are improving, they may not be as strong as drug developers hope.

South San Francisco-based Alumis will use its newly raised cash to take its TYK2 inhibitor ESK-001 into Phase III clinical trials in the treatment of moderate-to-severe psoriasis. However, the company had to decrease the size of its IPO from a planned 17

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