Windward IPO: An asthma treatment developer backed by Sanofi has gone public

Pre-market trading in shares of Swiss biotech company Windward Bio—a developer of a drug for respiratory diseases that can be taken less frequently than existing treatments—has begun on the Freedom client trading platform. Pharmaceutical giant Sanofi has agreed to purchase an additional $50 million worth of shares through a private placement. Later on November 13, Windward shares will become available on Nasdaq under the ticker symbol WWB.

Swiss biotech company Windward Bio raised $225 million in its IPO on Nasdaq. It sold 10.29 million shares at $17 apiece—at the midpoint of its previously announced price range. As a result, the company’s total valuation is estimated at about $1 billion, according to Bloomberg.

As part of a concurrent private placement, pharmaceutical giant Sanofi also agreed to purchase $50 million worth of Windward shares and warrants, according to the IPO prospectus the company filed with the regulator.

Jefferies, TD Cowen, Piper Sandler, and UBS Investment Group served as underwriters for the offering. They were granted a 30-day option to purchase up to 1.54 million shares of the company.

The company plans to use the proceeds from the transaction to fund clinical trials of its products. Specifically, up to $227.5 million will go toward testing the monoclonal antibody WIN378. According to regulatory filings, the antibody is currently undergoing Phase II-III trials in patients with asthma and Phase II trials in patients with chronic obstructive pulmonary disease (COPD).

It also plans to allocate up to $85 million to complete the mid-stage trials of WIN027, which targets two receptors simultaneously and may be used to treat COPD and atopic dermatitis. Sanofi has a similar molecule—it has successfully completed two interim studies for respiratory diseases but failed to advance past Phase II clinical trials for eczema, notes Fierce Biotech.

Windward is a very young company. It was founded in 2024 by Luca Santarelli, a former co-founder of Therachon and VectivBio. Windward Bio obtained a license for WIN378 from Kelun-Biotech and Harbour BioMed, and for WIN027 from Qyuns Therapeutics. The total value of the deals, including potential future payments, could reach $970 million and $700 million, respectively.

Since its founding, the company has raised $310 million from investors, according to its IPO prospectus. In 2025, the company raised $200 million from the investment funds OrbiMed, Blue Owl, and Novo Holdings (which manages assets for the Novo Nordisk Foundation). In early 2026, it raised another $165 million, including from Sanofi’s venture capital arm. Later, some participants in the second round withdrew their commitments totaling $55 million, according to documents filed with the regulator. As of the end of September, Windward had $181.8 million in cash, cash equivalents, and marketable securities.

All seven IPOs that took place on U.S. stock exchanges in October 2027 were conducted by companies in the healthcare sector, according to the Dealroom portal. Volatile markets and rising borrowing costs are putting pressure on other sectors, while this one is considered a defensive sector.

However, Windward’s drugs are still in the clinical trial phase. Therefore, the main risk for investors is related to the potential rejection of its drugs or poor trial results, according to Freedom analyst Alem Bektemirov. The broker has set a target price of $19.1 for the company’s shares, which implies growth potential of nearly 12.5%.

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Freedom Broker clients will be able to trade Windward shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the ticker symbol WWB.