Novo-backed Windward Bio targets $1 billion valuation in US IPO
SNY•Swiss drug developer Windward Bio is seeking to raise up to $185.3 million in a US IPO, targeting a valuation of up to $1 billion. Sanofi has agreed to buy $50 million in shares and pre-funded warrants in a private placement.
1. IPO terms
Windward Bio plans to sell about 10.3 million shares at $16 to $18 each in its US IPO. The company will list on Nasdaq under the symbol WWB.
2. Investors and pipeline
The Basel-based company has raised $310 million in equity financing from Novo Holdings and other healthcare investors, including OrbiMed, Blue Owl and RTW Investments. It is developing antibody medicines for serious respiratory and dermatologic diseases, including asthma, chronic obstructive pulmonary disease and atopic dermatitis.
