Sanofi-backed Windward aims for $204M IPO to fund respiratory drugs
Swiss biotech Windward is planning a Nasdaq IPO to raise over $200 million, primarily to fund respiratory drugs licensed from China. The company aims to advance its phase 2 and phase 3 clinical trials for asthma and chronic obstructive pulmonary disease, backed by major pharmaceutical investors including Sanofi.
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IPO Details and Financials
Swiss biotech Windward Bio has filed for a Nasdaq IPO, offering 10.3 million shares priced between $16 and $18 each. According to its regulatory filing, the company expects to raise approximately $203.8 million in net proceeds, which could increase to $228 million if underwriters exercise their full options.
Core Pipeline and Chinese Assets
The primary focus of the IPO proceeds is WIN378, an anti-TSLP monoclonal antibody acquired from Kelun-Biotech and Harbour BioMed in a $970 million deal. Windward plans to use up to $227.5 million to complete ongoing phase 2 studies in chronic obstructive pulmonary disease and asthma, alongside an upcoming phase 3 trial. Additionally, the company is developing WIN027, a dual-targeting antibody licensed from Qyuns Therapeutics, with funds allocated for a phase 2b COPD study and an atopic dermatitis trial.
Investor Support and Market Context
Windward is led by CEO Luca Santarelli and has a history of strong financial backing, including a $200 million series A and a $165 million series B round. Alongside the public offering, Sanofi has agreed to purchase $50 million of Windward's stock in a private placement, underscoring major industry interest in anti-TSLP therapies for immunological and respiratory conditions.
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Importance 68/100
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