Windward Bio Targets a $1 Billion Valuation in Its Nasdaq IPO as the Biotech Window Stays Open
The Swiss antibody developer is selling roughly 10.3 million shares at $16 to $18 to raise up to $185.3 million, Reuters reports — with Sanofi already committed to $50 million of the deal.
The fall IPO window has a healthcare anchor, and another name joined it Monday. Swiss drug developer Windward Bio Group AG is targeting a valuation of up to $1 billion in its US initial public offering, Reuters reported, as a strong run for the biotech IPO market extends into November. The Basel-based company is seeking to raise up to $185.3 million by selling roughly 10.3 million shares priced between $16 and $18, it said on Monday, and it will list on the Nasdaq under the symbol WWB.
The backing explains the confidence. Windward has raised $310 million in equity financing from Novo Holdings and other healthcare investors including OrbiMed, Blue Owl and RTW Investments, and French drugmaker Sanofi has agreed to purchase $50 million of shares and pre-funded warrants in a private placement alongside the offering. Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are underwriting. The company develops antibody medicines for patients with serious respiratory and dermatologic diseases, including asthma, chronic obstructive pulmonary disease and atopic dermatitis.
Reuters frames the deal against the market this desk has been reporting all morning: healthcare, seen as a defensive sector, has anchored the fall IPO window this year while choppy conditions and rising borrowing costs weigh on activity from other sectors. Windward is not alone in the queue — drug developer Rezera kicked off its US IPO roadshow last week and is expected to go public in New York this week. Two biotech debuts in one November week, in the middle of a tech swoon, is the market telling its own story about where investors still feel safe.
