Novo Holdings-Backed Windward Bio Raises $175 Million in Nasdaq IPO at $17 Per Share

Windward Bio Group AG, a Swiss clinical-stage biotech backed by Novo Holdings, priced its initial public offering at $17 per share on November 12, 2026, raising $175 million in one of the more substantial biotech listings of the year. The company sold 10,294,117 shares on the Nasdaq Global Market under the ticker symbol WWB, with the price falling within its previously indicated range of $16 to $18 per share.

Windward Bio is focused on respiratory and inflammatory diseases, with a pipeline built around two clinical-stage candidates. Its lead program, WIN378, is an ultra-long-acting anti-TSLP monoclonal antibody designed for dosing every six months in asthma and COPD, targeting a clinically validated pathway. A second candidate, WIN027, is a long-acting anti-TSLP and anti-IL-13 bispecific antibody in development for COPD and atopic dermatitis. The company was incorporated in Basel, Switzerland, in July 2024 and filed its F-1 registration statement with the SEC in October 2026.

Jefferies, TD Cowen, Piper Sandler, and UBS Investment Bank served as underwriters for the offering. The company plans to use the proceeds to advance its pipeline through clinical development, including a Phase 2b trial in COPD.