Windward Bio Group AG

Biotech · Pharmaceuticals

IPO

Windward Bio targets $1B valuation in Nasdaq IPO, raising up to $185M

Sanofi's $50 million side investment signals pharma appetite for de-risked respiratory antibody pipelines ahead of pivotal trial readouts.

• Windward Bio Group AG set terms for its Nasdaq IPO, offering about 10.3 million shares at $16-$18 to raise up to $185.3 million and reach a roughly $1 billion valuation.
• The Basel, Switzerland-based biotech, founded in 2024, develops ultra-long-acting antibodies for asthma, COPD and atopic dermatitis designed for far less frequent dosing than current drugs.
• Lead candidate WIN378 targets TSLP, the same target as approved drug Tezspire, but is designed for twice-yearly dosing versus Tezspire's every-four-weeks regimen.
• Sanofi has agreed to buy $50 million of shares and pre-funded warrants in a private placement set to close alongside the IPO, which Jefferies, TD Cowen, Piper Sandler and UBS are underwriting.
• Windward had already raised $310 million in equity financing from Novo Holdings, OrbiMed, Blue Owl and RTW Investments before pursuing the public offering.
• The listing extends a defensive-sector IPO wave this fall, with healthcare offerings outpacing other industries amid choppy markets and rising borrowing costs, alongside fellow biotech Rezera's concurrent roadshow.
• A pharma giant anchoring a biotech's IPO with a direct equity stake signals confidence in its drug candidates clearing trial milestones, a validation signal public investors increasingly demand amid volatile markets.