Swiss drug developer Windward Bio Group AG is aiming for a valuation as high as $1 billion in its U.S. IPO, with the biotech listing market’s hot streak continuing into November.
Basel-based Windward announced Monday that it aims to raise as much as $185.3 million in its U.S. IPO, offering about 10.3 million shares at $16 to $18 each.
Healthcare, viewed as a defensive sector, has driven this fall’s IPO window, while choppy markets and higher borrowing costs have dampened offerings from other industries.
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Drug developer Rezera began its U.S. IPO roadshow last week and is expected to debut in New York this week.
Windward has secured $310 million in equity funding from Novo Holdings and other healthcare backers, among them OrbiMed, Blue Owl, and RTW Investments.
The company is building antibody therapies for serious respiratory and skin conditions, such as asthma, COPD, and atopic dermatitis.
French drugmaker Sanofi has committed to buying $50 million of shares and pre-funded warrants through a private placement.
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Jefferies, TD Cowen, Piper Sandler, and UBS Investment Bank are the underwriters.
Windward will trade on the Nasdaq under the ticker “WWB.”
