By Katherine Hamilton
Alumis shares rose after the company signed a licensing agreement, worth $40 million in the short-term, with Tokyo-based Kaken Pharmaceutical.
The stock climbed 17.9% to $4.45 on Tuesday, recovering some of the loss over the past few days that brought the stock to a 52-week low on Friday. Shares are down 43% this year.
The San Francisco biotechnology company said Tuesday it entered a collaboration and licensing agreement to develop, manufacture and commercialize ESK-001, an oral tyrosine kinase 2 inhibitor.
The treatment is designed for dermatology use in Japan, but could be expanded to include rheumatological and gastrointestinal diseases. It uses proinflammatory mediators to correct immune dysregulation across several diseases.
Alumis is set to receive $40 million for immediate co-development payments in 2025 and 2026. It has the potential to earn up to $140 million in additional payments based on field option payments and reaching milestones.
Alumis is also eligible to receive tiered royalties ranging from the low double-digits into the twenties on aggregate net sales of ESK-001 in Japan.
Kaken will be responsible for clinical development, regulatory approvals and commercialization of the product, while Alumis will retain rights to ESK-001 in all other geographies, it said. Kaken will also contribute to some of the global development costs.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 25, 2025 11:12 ET (15:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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