The Zhitong Finance App learned that Swiss clinical-stage biotech company Windward Bio Group plans to seek a valuation of up to 1 billion US dollars in an initial public offering (IPO) in the US. The company said on Monday that it plans to issue approximately 10.3 million shares at an issue price range of US$16-18 per share to raise up to US$185.3 million. The company will be listed on NASDAQ under the ticker symbol “WWB.”
At a time when the market environment is turbulent and rising borrowing costs are dragging down IPO activities in other industries, the IPOs of biotech companies have become an important pillar of the US stock IPO market this fall. In addition to Windward Bio, drug developer Rezera also launched a US IPO roadshow last week and is expected to go public in New York this week.
Windward Bio has received US$310 million equity financing from Novo Holdings (NVO.US) affiliate, and other investors in the healthcare sector. Other investors include OrbiMed, Blue Owl, and RTW Investments.
According to the data, Windward Bio is developing ultra-long-lasting antibody drugs for the treatment of asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis, with the aim of reducing the frequency of administration. Its main candidate, WIN378, targets TSLP, and is the same target as the approved drug Tezspire. The difference is the frequency of administration: WIN378 is designed to be administered every six months, while Tezspire is once every four weeks. The company is currently conducting the phase 2/phase III clinical trial of WIN378 for severe uncontrolled asthma and the phase II clinical trial for COPD; the main results of the phase II asthma trial are expected to be announced in the first half of 2027.
The company's second drug candidate, WIN027, is a bispecific antibody targeting TSLP and IL-13. It is currently in phase 1 clinical trial. It is planned to start phase 2 clinical trials for COPD and atopic dermatitis in the first half of 2027. The company's core pipeline is mainly authorized by Chinese pharmaceutical companies — the company has obtained WIN378 licenses from Columbotai and Hebo Pharmaceuticals, and WIN027 licenses from Quanxin Biotech.