Nov 12 (Reuters) – Novo Holdings-backed Windward Bio said on Thursday it had raised $175 million in its US initial public offering after selling about 10.3 million shares at $17 apiece.
The IPO price was within its marketed range of $16 to $18.
Basel, Switzerland-based Windward, which is developing antibody medicines for patients with serious respiratory and dermatologic diseases, will start trading on Friday under the symbol “WWB.”
Here are more details:
• Winward’s lead candidate, WIN378, aims to treat asthma and chronic obstructive pulmonary disease by blocking a protein that contributes to airway inflammation
• French drugmaker Sanofi has agreed to purchase $50 million of shares and pre-funded warrants in a private placement
• Led by CEO and founder, Luca Santarelli, Windward has raised $310 million in equity financing from Novo Holdings and other healthcare investors, including OrbiMed, Blue Owl and RTW Investments
• Santarelli’s previous ventures include VectivBio, which was acquired by Ironwood Pharmaceuticals for $1.2 billion in 2023, while Pfizer acquired Therachon in 2019 for $810 million
• Healthcare and biotechnology companies have accounted for a flurry of US listings this fall, while macroeconomic headwinds have dampened IPO activity in other sectors
• Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are underwriting the offering
• Zug, Switzerland-based dental firm vVardis is also expected to go public on Friday
(Reporting by Pragyan Kalita and Pritam Biswas in Bengaluru; Editing by Perla Velasco)
