Reported 9 months ago
Alumis Inc.'s shares plummeted by 17% after the biopharmaceutical firm raised $250 million in a downsized initial public offering, along with a private placement. The company closed at $13.30 per share in New York post the IPO, translating to a market value of approximately $690 million. Alumis, based in South San Francisco, specializes in therapies for patients with immune-mediated diseases, with a focus on developing Tyrosine Kinase 2 inhibitor product candidates. Despite marketing shares at $16 to $18 each, the company only managed to sell 13.1 million shares at $16 each and 2.5 million shares in a concurrent private placement.
Source: YAHOO