Windward IPO: Sanofi-backed asthma drugmaker goes public on the Nasdaq

Early trading in shares of Swiss biotech Windward Bio has started on Freedom’s client trading platform. The company is developing a drug for respiratory diseases designed to be taken less frequently than existing treatments. Meanwhile, Pharmaceutical giant Sanofi has agreed to buy $50 million of Windward shares and pre-funded warrants in a concurrent private placement. The stock is set to debut on Nasdaq later Friday under the ticker symbol WWB.

Windward Bio raised $175 million in its Nasdaq IPO, selling 10.29 million shares at $17 apiece, the midpoint of its previously announced range. The IPO price values Windward at around $1 billion, Bloomberg estimates. Sanofi agreed to buy $50 million of Windward securities in a concurrent private placement, according to the prospectus. The two transactions are expected to generate $225 million in gross proceeds.

Jefferies, TD Cowen, Piper Sandler, and UBS Investment Bank underwrote the offering. They received a 30-day option to buy up to an additional 1.54 million shares.

Windward plans to use the proceeds and existing cash and securities to fund clinical studies of its drug candidates. It has earmarked up to $227.5 million for testing and related work on WIN378, a monoclonal antibody in a phase II/III trial for asthma and a phase II trial for chronic obstructive pulmonary disease (COPD), according to regulatory filings.

Windward plans to spend up to another $85 million to complete planned mid-stage trials of WIN027 and fund related work. The drug candidate acts on two targets and could be used to treat COPD and atopic dermatitis. A similar therapy from Sanofi succeeded in two midstage trials for respiratory diseases but failed in a phase II eczema trial, Fierce Biotech reports.

Windward is a young company. Luca Santarelli, who had previously cofounded Therachon and VectivBio, founded the biotech in 2024. Windward licensed WIN378 from Kelun-Biotech and Harbour BioMed and WIN027 from Qyuns Therapeutics. Including potential future payments, the deals could be worth up to $970 million and $700 million, respectively.

Windward has raised $310 million in financing since its founding. In 2025, it raised $200 million from investors including OrbiMed, Blue Owl, and Novo Holdings, which manages the Novo Nordisk Foundation’s assets. The company received $110 million in May from the first tranche of a $165 million Series B round that included Sanofi’s venture arm. All parties to the agreement later waived the $55 million second tranche, according to the prospectus. Windward’s preliminary estimate put cash, cash equivalents, and marketable securities at $181.8 million at the end of September.

Healthcare companies accounted for all seven IPOs on U.S. exchanges in October, notes Dealroom. Volatile markets and rising borrowing costs have put pressure on other sectors, while health care is viewed as defensive.

Windward’s drug candidates, however, are still in clinical trials. The main risk for investors is that the drugs could have weak trial results or fail to win regulatory approval, argues Freedom analyst Alem Bektemirov. Freedom has set a target price of $19.10 per share, implying around 12.5% upside.

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Freedom clients can trade Windward shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. To start trading, select the symbol WWB on the Freedom trading platform.