Windward Bio Group, a Switzerland-based Phase 2/3 biotech developing antibodies for respiratory and dermatologic diseases, raised $175 million by offering 10.3 million shares at $17, the midpoint of the $16 to $18 range. The company raised an additional $50 million in a concurrent private placement of shares and pre-funded warrants to Sanofi.
Windward Bio is developing ultra-long-acting antibodies for asthma, COPD, and atopic dermatitis that need less frequent dosing than current treatments. Its lead candidate, WIN378, targets TSLP (the same target as Tezspire) and is designed for twice-yearly dosing versus every four weeks for Tezspire. It’s in a Phase 2/3 trial in severe uncontrolled asthma and a Phase 2 trial in COPD, with Phase 2 asthma results expected in 1H 2027. Its second candidate, WIN027, a TSLP/IL-13 bispecific, is in Phase 1, with Phase 2 trials in COPD and atopic dermatitis set to begin enrolling in 1H 2027. Windward in-licensed WIN378 from Kelun-Biotech and Harbour BioMed, and WIN027 from Qyuns Therapeutics.
The Basel, Switzerland-based company will trade on the Nasdaq under the symbol WWB. Jefferies, TD Securities, Piper Sandler, and UBS Investment Bank acted as joint bookrunners on the deal.
