Despite seemingly high investor interest, Alumis fell short of its original $300-million IPO goal. The inflammation-focused company sold far fewer shares than expected, and at the bottom of its proposed range, to raise $210 million – still enough to claim the title of year’s third-biggest biotech debut.
Coupled with a $40 million private placement from existing shareholder AyurMaya Capital Management Fund, Alumis raised a total of $250 million late Thursday.
Downsized offering
Alumis had been shooting for a sale of 17.7 million shares at $16 to $18 each, but the firm ended up only selling 13.1 million shares at $16 a piece.
The downsized offering comes after Australian radiopharmaceutical developer Telix pulled back from a planned NASDAQ IPO earlier this month, citing lower-than-desired pricing.
While the public markets have proven to be a rollercoaster for biotechs this year, Alumis’ $600 million in private funding — bolstered by a $259-million megaround in March – had seemed to indicate the firm had substantial investor interest to power a big ticket IPO. For more IPO analysis, see Vital Signs: Taking the temperature on a cooling IPO cycle.
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.