Swiss Windward Bio adds US$165m to its Chinese pipeline

Basel-based Windward Bio has raised $165 million to advance a pipeline of long-acting immunology therapies—much of it sourced through in-licensing deals with Chinese partners. Its lead candidate, WIN378, is moving into Phase III, with first clinical readouts expected from 2026.

Starting with US$200m just one year ago

The crossover round was led by OrbiMed, with participation from RA Capital Management, Janus Henderson Investors and Sanofi Ventures. The proceeds are set to accelerate two clinical programmes, extending the company’s runway and enabling multiple data inflection points over the next 12 months. Speed is ever increasing with Chinese assets, meanwhile it´s calculated in some months to be ready for IND-filing from early onset of preclinical candidates. The Western world wants to sit in this fast train too and not just watch from the sideline.

WIN378, a long-acting anti-TSLP antibody for asthma and COPD, is currently in a Phase II/III study, with Phase III initiation planned for late 2026. Its key promise lies in an extended half-life that could allow dosing just twice a year—an increasingly competitive angle in chronic respiratory disease. A second candidate, WIN027, a bispecific antibody targeting TSLP and IL-13, is in Phase I, with further studies in respiratory and dermatological indications lined up.

Both programmes originate from licensing agreements with Chinese biotech companies, including Kelun-Biotech and Harbour BioMed—a model that is becoming ever more visible across the sector. Since its launch in early 2025, Windward has raised around $365 million and rapidly assembled a clinical-stage pipeline built on external innovation.

New modell for european biotechs? Find the rough diamonds in China…?

The approach reflects a broader shift: experienced Western teams, well-capitalised by global investors, tapping into China’s fast-moving biotech engine. With a steady stream of licensable assets emerging from Chinese companies, competition for the most promising candidates is intensifying—raising the stakes for speed, execution and capital.

Whether this model will consistently deliver—clinically and commercially—remains an open question. For now, however, the combination of capital, experience and cross-border dealmaking is injecting fresh momentum into the biotech ecosystem, not least in Basel, where an ecosystem of experienced pharma and biotech people just meet at the crowded Swiss Biotech Days.