Key facts
- Windward Bio is seeking up to $185.3 million in its US IPO by selling about 10.3 million shares at $16 to $18.
- The company is targeting a valuation of up to $1 billion in the offering.
- Sanofi agreed to buy $50 million of shares and pre-funded warrants in a private placement.
- Windward Bio has raised $310 million in equity financing from Novo Holdings and other investors.
- Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are underwriting the offering.
Swiss drug developer Windward Bio Group AG is targeting a valuation of up to $1 billion in its US initial public offering, Reuters reported on November 9, 2026. The Basel-based company is seeking to raise up to $185.3 million by selling roughly 10.3 million shares priced between $16 and $18, it said on Monday.
The company plans to list on the Nasdaq under the symbol “WWB.” Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are underwriting the offering.
Windward Bio 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 has agreed to purchase $50 million of shares and pre-funded warrants in a private placement. The healthcare industry 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 began its US IPO roadshow last week and is expected to go public in New York this week.