Swiss biotechnology firm Windward Bio (WWB Proposed) has set terms for its upcoming $175 million initial public offering on the NASDAQ. The Basel-based company is offering 10.29 million shares at an expected price range of $16.00 to $18.00 per share. At the $17.00 mid-point, Windward Bio anticipates raising approximately $174.93 million, which would grant the company a market capitalization of $986.66 million when combined with a concurrent private placement.
Windward Bio specializes in developing ultra-long-acting antibody medicines targeting severe respiratory and dermatologic conditions, including asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis. Its primary pipeline candidates include WIN378, an anti-TSLP monoclonal antibody currently in Phase 3 development for severe asthma, and WIN027, a bispecific antibody targeting both TSLP and IL-13. Financial disclosures in the company’s F-1/A filing indicate that Windward Bio is currently unprofitable, reporting a net loss of $68.21 million for the 12-month period ending June 30, 2026.
Joint book-runners leading the underwriting team for the transaction include Jefferies, TD Cowen, Piper Sandler, and UBS Investment Bank. Investors following the offering are advised to monitor official exchange channels for final timing and trading updates, as proposed ticker symbols remain subject to change prior to the official market debut.
