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Novo Holdings-backed Windward Bio raises $175 million in US IPO

By Reuters News

Nov 12 (Reuters) - Novo Holdings-backed Windward Bio said on Thursday it had raised $175 million in its US initial public offering after selling about 10.3 million shares at $17 apiece.

The IPO price was within its marketed range of $16 to $18.

Basel, Switzerland-based Windward, which is developing antibody medicines for patients with serious respiratory and dermatologic diseases, will start trading on Friday under the symbol "WWB."

Here are more details:

  • Winward's lead candidate, WIN378, aims to treat asthma and chronic obstructive pulmonary disease by blocking a protein that contributes to airway inflammation

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

  • Led by CEO and founder, Luca Santarelli, Windward has raised $310 million in equity financing from Novo Holdings and other healthcare investors, including OrbiMed, Blue Owl ​and RTW ​Investments

  • Santarelli's previous ventures include VectivBio, which was acquired by Ironwood Pharmaceuticals IRWD.O for $1.2 billion in 2023, while Pfizer PFE.N acquired Therachon in 2019 for $810 million

  • Healthcare and biotechnology companies have accounted for a flurry of US listings this fall, while macroeconomic headwinds have dampened IPO activity in other sectors

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

  • Zug, Switzerland-based dental firm vVardis is also expected to go public on Friday

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