Evommune, a Phase 2 biotech developing therapies for chronic inflammatory diseases, raised $150 million by offering 9.4 million shares at $16, the midpoint of the range of $15 to $17. At pricing, Evommune commands a fully diluted market value of $544 million.
Evommune's lead candidate, EVO756 is a potent and highly selective oral small molecule antagonist of MRGPRX2 for the treatment of chronic spontaneous urticaria (CSU) and atopic dermatitis (AD). It is joined by EV0301, a long-acting fusion protein consisting of an IL-18 binding protein and an anti-serum albumin Fab-associated domain for the treatment of atopic dermatitis (AD) and ulcerative colitis (UC). Evommune initiated a Phase 2b trail for EVO756 and is expected to report results in 2H26, and plans to initiate a Phase 2 trial in moderate-to-severe UC patients in 2026.
Evommune plans to list on the NYSE under the symbol EVMN. Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor Fitzgerald acted as joint bookrunners on the deal.
