Windward targets $204M IPO; Valneva’s Shigella vaccine meets Phase 2 endpoint; Ethris’ nasal mRNA lowers viral load
A Swiss biotech moves closer to Nasdaq, while Valneva and Ethris report mid-stage clinical results. This week’s roundup also covers a takeover offer for Egetis, Sanofi’s latest pipeline cut and Vivoryon’s search for funding as its cash runs low.
Windward targets $204 million from IPO and Sanofi placement: The Swiss biotech plans to offer approximately 10.3 million shares at $16–$18 each. At the midpoint, the offering and a separate $50 million Sanofi investment would generate approximately $203.8 million in combined net proceeds. Founded in 2024 and publicly launched in January 2025 with a $200 million Series A, Windward is pursuing Nasdaq less than two years after launch, following its $165 million Series B. Its model combines experienced leadership — CEO Luca Santarelli previously built Therachon and VectivBio — with clinical-stage medicines licensed from China. The proceeds would support respiratory and dermatology studies of WIN378, an anti-TSLP antibody, and WIN027, which targets TSLP and IL-13. The IPO remains pending.
Valneva reports encouraging Phase 2 Shigella vaccine results: France-based Valneva disclosed findings from two studies of S4V2, its vaccine targeting four Shigella serotypes. In 110 Kenyan infants, vaccination generated antibody responses against all four, with levels remaining above baseline six months later. A separate adult challenge study met its primary endpoint by significantly reducing shigellosis caused by Shigella sonnei versus placebo, although an efficacy percentage was not disclosed. Shigella causes diarrheal illness, particularly in young children, and no vaccine is licensed. Valneva is reviewing the full datasets before deciding its next development steps.
Ethris’ nasal mRNA candidate shows antiviral activity in asthma: Germany’s Ethris reported results from a 50-person Phase 2a study in which adults received ETH47 or placebo before deliberate rhinovirus exposure. The nasal treatment produces interferon lambda locally to strengthen airway antiviral defenses. Ethris reported 40-fold lower viral load on day two, alongside numerical symptom improvements. Peak lower respiratory symptom scores were 14% lower than with placebo, cumulative symptom burden was 58% lower and rescue medication use was 65% lower. Planned studies include repeat dosing, a COPD challenge trial and larger field studies in asthma and COPD.
ANI offers $560 million for Swedish biotech Egetis: U.S. drugmaker ANI proposed acquiring Egetis for SEK11.25 per share, a 12.6% premium to the previous closing price, gaining Emcitate, an approved treatment for excess thyroid hormone outside the brain associated with the rare genetic disorder MCT8 deficiency. Egetis’ board unanimously recommended the offer, which remains subject to shareholder acceptance and regulatory approvals. The proposal followed Egetis’ agreement to sell its FDA priority review voucher for $190 million. Awarded alongside Emcitate’s US approval, the transferable voucher lets its holder request a shorter FDA review of another medicine — generally six months rather than ten — without guaranteeing approval. Approximately half the net sale proceeds are owed to Emcitate’s former owners, Rare Thyroid Therapeutics. ANI said the offer already reflects the voucher’s net value; after adjustment for those proceeds, the transaction implies an enterprise value of approximately $434 million.
Sanofi abandons Nurix-partnered immune drug: The French big pharma has stopped the Phase 1 trial and development of SAR448272, an oral drug designed to destroy STAT6, a protein involved in allergic inflammation. Nurix consequently no longer expects milestone payments or royalties from that program. Sanofi told analysts that emerging nonclinical findings did not support further development in eczema, according to BioPharma Dive. The company still considers STAT6 an important immunology target and has a separate program with Recludix, making this a setback for one molecule rather than evidence that the broader approach cannot work.
Vivoryon recovers China rights as cash runs short: The German-Dutch biotech regained Greater China rights to varoglutamstat from Simcere without an immediate payment, although future regulatory milestones remain payable. Worldwide control could simplify partnering for the former Alzheimer’s candidate, now being developed for kidney disease, but it does not solve Vivoryon’s funding problem. Cash stood at €1.7 million in September, with cost reductions extending its expected runway only into the second half of December. Its planned Phase 2b diabetic kidney disease study remains unfunded.
