Windward Bio Group, a Switzerland-based Phase 2/3 biotech developing antibodies for respiratory and dermatologic diseases, announced terms for its IPO on Monday.
The Basel, Switzerland-based company plans to raise $175 million by offering 10.3 million shares at a price range of $16 to $18. The company plans to raise an additional $50 million in a concurrent private placement to Sanofi. At the midpoint of the proposed range, Windward Bio Group would command a fully diluted market value of $1.0 billion.
Windward Bio is developing ultra-long-acting antibodies for asthma, COPD, and atopic dermatitis, designed to be dosed less frequently than currently available treatments. Its lead candidate, WIN378, targets TSLP, the same target as approved drug Tezspire, and is designed for twice-yearly dosing versus every four weeks for Tezspire. WIN378 is in a Phase 2/3 trial in severe uncontrolled asthma and a Phase 2 trial in COPD, with Phase 2 primary results in asthma expected in the first half of 2027. Its second candidate, WIN027, is a bispecific antibody targeting TSLP and IL-13 that is in a Phase 1 trial, with Phase 2 trials in COPD and atopic dermatitis planned to begin enrolling in the first half of 2027.
Windward Bio Group was founded in 2024. It plans to list on the Nasdaq under the symbol WWB. Jefferies, TD Securities, Piper Sandler, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to during the week of November 9, 2026.
