Swiss clinical-stage biotechnology company Windward Bio (WWB) has priced its initial public offering at $17.00 per share, hitting the exact mid-point of its anticipated range. Based in Basel, the firm sold 10.29 million shares to raise approximately $174.93 million, achieving a market capitalization of $986.66 million at pricing. Trading is slated to begin on the NASDAQ, with Jefferies, TD Cowen, Piper Sandler, and UBS Investment Bank acting as joint book-runners. Additionally, Sanofi planned to purchase $50 million of stock through a concurrent private placement.
Windward Bio specializes in developing ultra-long-acting antibody medicines targeting thymic stromal lymphopoietin (TSLP) for respiratory and inflammatory conditions such as asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis. Its leading candidate, WIN378, is currently being evaluated in late-stage trials for asthma alongside a Phase 2 study for COPD. A second candidate, the bispecific antibody WIN027, targets both TSLP and IL-13 and is progressing through early-stage clinical trials.
Like many early-stage biotech firms, Windward Bio is not yet profitable. According to prospectus financial statements for the 12-month period ending June 30, 2026, the company reported zero product revenue alongside a net loss of $68.21 million as it continues to fund its extensive clinical pipeline.
