Novo-backed Windward Bio targets $1 billion valuation in US IPO

Nov 9 (Reuters) - Swiss drug developer Windward Bio Group AG is targeting a valuation of up to $1 billion in its US initial public offering, as a strong run for the biotech IPO market extends into November.

Here are some other details:

• Basel, Switzerland-based Windward is seeking to raise up to $185.3 million in the US IPO by selling roughly 10.3 million shares priced between $16 and $18, it said on Monday

• The healthcare industry, which is seen as a defensive sector, has anchored the fall IPO window this year as choppy market conditions and rising borrowing costs weigh on activity from other sectors

• Drug developer Rezera also kicked off its US IPO roadshow last week and is expected to go public in New York this week

• Windward has raised $310 million in equity financing from Novo Holdings and other healthcare investors including, OrbiMed, Blue Owl and RTW Investments.

• The firm is developing antibody medicines for patients with serious respiratory and dermatologic diseases, including asthma, chronic obstructive pulmonary disease and atopic dermatitis

• French drugmaker Sanofi SASY.PA has agreed to purchase $50 million of shares and pre-funded warrants in a private placement

• Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are underwriting the offering

• Windward Bio will list on the Nasdaq under the symbol “WWB”