Windward prices a $175M IPO built on two China-licensed TSLP antibodies
- Swiss biotech Windward priced a $175M Nasdaq IPO; Fierce Biotech reported Sanofi agreed to buy $50M of stock in a concurrent private placement.
- Lead WIN378, an ultra-long-acting anti-TSLP antibody licensed from Kelun-Biotech, is in a Phase 2 COPD trial and a Phase 2/3 asthma trial.
- WIN027, a TSLP/IL-13 bispecific from Qyuns (deal worth up to $700M), is in Phase 1. The company pitches both as able to outcompete Tezspire.
💡 Points Based on public reports
Windward is the template for the China-sourced, Western-listed biotech: license assets cheaply from Chinese developers, add a crossover round, then list. The pitch depends on dosing interval and the bispecific adding IL-13 on top of TSLP blockade, against Tezspire’s entrenched position. With Sanofi in the placement, the real signal is a big-pharma optionality bet in a crowded TSLP field; clinical differentiation, not the financing, has to prove the case.
📰 Source · BioPharma Dive ↗ Windward prices $175M IPO to advance China-licensed lung drugs