Windward Bio prices $175M IPO to advance China-licensed lung drugs

Swiss immune drug developer Windward Bio priced its US initial public offering on November 12, 2026, raising $175 million alongside a $50 million private placement from Sanofi. Trading under the ticker symbol WWB, the company is funding clinical trials for two respiratory and dermatologic drug candidates, WIN378 and WIN027, licensed from Chinese biotechs Kelun Biotech, Harbour BioMed, and Qyuns Therapeutics in deals carrying up to $1.6 billion in potential milestone payments.

Windward Bio IPO details and terms

• ▪Swiss immune drug developer Windward Bio raised $175 million in its initial public offering on November 12, 2026 by selling 10.3 million shares at $17 apiece
• ▪Windward Bio begins trading on November 13, 2026 under the ticker symbol WWB
• ▪Sanofi purchased $50 million of shares and pre-funded warrants in a private stock placement concurrent with Windward Bio's initial public offering

Licensing agreements for pipeline candidates

• ▪Windward Bio paid $70 million upfront in cash and equity to acquire WIN378 and WIN027, and owes up to $1.6 billion in milestone payments to the licensors
• ▪Windward Bio licensed WIN378 from Chinese drugmakers Kelun Biotech and Harbour BioMed, and WIN027 from Qyuns Therapeutics

Biotech IPO market performance in 2026

• ▪Windward Bio's initial public offering is the 30th biotechnology listing of 2026 and the ninth by an immune drug developer
• ▪Biopharmaceutical initial public offerings have raised over $8 billion in 2026, marking the sector's busiest IPO year since 2021