Alumis jumps on licensing deal for skin drug
Shares of biopharmaceutical firm Alumis ALMS.O rise 15.5% to $4.36, hitting over one-month high
ALMS and Tokyo-based Kaken Pharmaceutical 4521.T say they have entered into a licensing agreement to develop, manufacture and commercialize an experimental skin drug in Japan
ALMS' lead drug candidate, ESK-001, is currently in a late-stage study which aims to fix immune system issues in various diseases caused by inflammatory substances like IL-23, IL-17, and type 1 interferon
ALMS will receive $40 million in upfront and near-term co-development payments in 2025 to 2026
The company could earn up to $140 million more based on milestone achievements
ESK-001 is also being tested in a mid-stage study to treat a type of autoimmune disease called systemic lupus erythematosus
ALMS has fallen 44.4% YTD
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