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

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 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 for $1.2 billion ⁠in 2023, while Pfizer 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 (Reporting by Pragyan Kalita and Pritam Biswas in Bengaluru; Editing by ​Perla Velasco)