Windward prices IPO at $17 with Sanofi placement

Windward Bio priced its initial public offering at $17 a share on Thursday, selling about 10.3 million shares for $175 million, with a concurrent $50 million private placement to Sanofi taking gross proceeds to $225 million.

Why it matters: The Basel company, whose two clinical programs were licensed from Chinese developers, has now funded its long-acting asthma and COPD antibodies through a Nasdaq listing that begins trading on Friday, in the busiest year for biotech IPOs since 2021.

Data as of Windward Bio pricing release of November 12, 2026, read in full; BioPharma Dive report of the same day, read in full, for the trial programme detail. Developing item.

Windward Bio Group priced its initial public offering on Thursday at $17.00 a share, selling 10,294,117 common shares and granting underwriters a 30-day option on up to 1,544,117 more. Alongside the offering, Sanofi Foreign Participations B.V. agreed to buy 1,532,691 shares and pre-funded warrants for 1,408,485 more at the offering price in a concurrent private placement worth $50 million, taking expected gross proceeds from the two sales to $225 million before expenses.

The shares are expected to begin trading on the Nasdaq Global Select Market on Friday, November 13, under the symbol WWB, with both the offering and the placement expected to close on November 16. Jefferies, TD Cowen, Piper Sandler and UBS are joint book-running managers. Windward’s lead drug WIN378, licensed from Kelun-Biotech and Harbour BioMed, is a long-acting TSLP antibody in a Phase 2/3 asthma trial whose Phase 3 part began in September, and its second program WIN027 came from Qyuns Therapeutics.

Windward prices IPO at $17 with Sanofi placement

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