Windward raises $175M in IPO, adds $50M from Sanofi

Why it matters: Windward’s rapid journey to Nasdaq illustrates how experienced biotech executives can use substantial venture funding and clinical-stage assets licensed from China to build a company ready for public markets in a relatively short period.

By the numbers: Windward is offering approximately 10.3 million shares at $17 each, the midpoint of its previously announced $16-$18 range. Sanofi, already an investor through its venture arm, will separately acquire shares and pre-funded warrants worth $50 million.

• The combined gross proceeds are expected to reach $225 million, with estimated net proceeds of approximately $203.8 million (€184 million).
• Underwriters have an option to purchase another 1.54 million shares, potentially adding $26.2 million (€24 million).
• Shares are scheduled to begin trading on Nasdaq on November 13 under the ticker WWB, with the transactions expected to close November 16.

Backstory: Founded in 2024, Windward launched in January 2025 with a $200 million Series A, followed by a $165 million Series B in May 2026. Including the new financing, it has attracted approximately $590 million in equity funding.

CEO Luca Santarelli previously led Therachon, acquired by Pfizer, and VectivBio, bought by Ironwood Pharmaceuticals.

The China connection: Rather than developing its lead drugs internally, Windward licensed two antibody programs from Chinese biotech companies. WIN378 came from Kelun-Biotech and Harbour BioMed, while WIN027 originated with Qyuns Therapeutics.

According to its SEC prospectus, Windward committed $70 million in upfront cash and equity across the deals, with approximately $1.6 billion in potential additional milestone payments.

Zoom in: The IPO proceeds will primarily support two respiratory and immunology programs.

• WIN378 targets TSLP, an inflammatory protein also blocked by AstraZeneca and Amgen’s approved asthma drug Tezspire. Windward hopes its antibody could be administered just twice a year, compared with every four weeks for Tezspire. The Phase 3 portion of its POLARIS-1 asthma trial began in September, with a second Phase 3 study scheduled to begin recruiting in the first half of 2027. A Phase 2 trial in chronic obstructive pulmonary disease (COPD) is also underway.
• WIN027 is a bispecific antibody targeting TSLP and IL-13, two drivers of inflammation. Currently in Phase 1, it is being prepared for further studies in COPD and atopic dermatitis, or eczema.

The bigger picture: Windward is the 30th biotech to price a U.S. IPO this year, according to BioPharma Dive, but the market remains selective. Boston-based Rezera, formerly NodThera, postponed its own planned listing this week, citing market conditions.

On the European front, things are more dire, and no IPO was recorded this year on local stock exchanges. Belgium-based Agomab chose the Nasdaq in February to raise $200 million, while Denmark-born Hemab flipped its headquarters to Boston in anticipation of its $346.7 million Nasdaq IPO in May.

Sweden’s Spago Nanomedical went as far as asking shareholders on November 19 to approve delisting from Nasdaq First North (based in Sweden), arguing that its listing obstructs financing on acceptable terms for Phase 2a development of its Tumorad radiopharmaceutical in head and neck cancer.

What’s next: Windward expects Phase 2 asthma and COPD data for WIN378, alongside Phase 1 results for WIN027, in 2027. Its pivotal asthma readouts are expected in the first half of 2029. The company estimates that its existing cash and the new proceeds will fund operations into the first half of 2029.

The financing gives Windward the resources to test whether its China-sourced antibodies can compete in an increasingly crowded respiratory drug market. Whether their longer dosing intervals translate into meaningful clinical advantages remains to be established.