Windward Bio (WWB.US) seeks to raise up to US$100 million in a US IPO; multiple drugs licensed from Chinese pharmaceutical companies

Windward Bio Group, a Switzerland-based clinical-stage biotechnology company, filed on Friday with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) to raise up to US$100 million. Windward Bio is developing ultra-long-acting antibody drugs for the treatment of asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis, aimed at reducing dosing frequency. Its lead candidate, WIN378, targets TSLP, the same target as the approved drug Tezspire, with the difference being dosing frequency: WIN378 is designed to be administered once every six months, while Tezspire is administered once every four weeks. The company is currently conducting a Phase 2/3 clinical trial of WIN378 in severe uncontrolled asthma, as well as a Phase 2 clinical trial in COPD; topline results from the asthma Phase 2 trial are expected in the first half of 2027. The company's second candidate, WIN027, is a bispecific antibody targeting TSLP and IL-13 and is in Phase 1 clinical trials, with plans to initiate enrollment in Phase 2 clinical trials for COPD and atopic dermatitis in the first half of 2027. The company has obtained licensing rights to WIN378 from Kelun-Biotech and Harbour BioMed, and licensing rights to WIN027 from Qyuns Therapeutics. Windward Bio was founded in 2024 and is headquartered in Basel, Switzerland. The company plans to list on Nasdaq under the ticker symbol "WWB." The company confidentially submitted its listing application on July 24, 2026. Jefferies, TD Securities, Piper Sandler, and UBS Investment Bank are serving as joint book-running managers for the offering. Pricing terms have not yet been disclosed.