Basel biotech Windward Bio files for a Nasdaq IPO
Less than two years after a $200m Series A, the Swiss developer of long-acting antibodies has filed to list in New York. It is the latest European biotech to head to the US market rather than list at home.
Windward Bio, a clinical-stage biotech based in Basel, Switzerland, filed for a US initial public offering on 23 October 2026, Reuters reported. The company plans to list on the Nasdaq Global Market under the symbol "WWB", with Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank as underwriters.
The F-1 registration statement does not yet give a share count, price range or expected proceeds, according to a filing summary by TradingView. Windward plans to use the money to advance its clinical programmes in respiratory and skin diseases.
What Windward Bio does
Windward develops long-acting antibody treatments for asthma, chronic obstructive pulmonary disease (COPD) and inflammatory skin conditions, aiming to reduce how often patients need injections, according to Reuters. Its lead candidate, WIN378, is an antibody that blocks thymic stromal lymphopoietin (TSLP), a protein that triggers several inflammatory pathways in asthma and other respiratory diseases. The company is pursuing a potential twice-yearly dosing schedule.
According to the filing summary, WIN378 is in a Phase 2/3 study in asthma and a Phase 2 study in COPD. A second candidate, WIN027, is a bispecific antibody aimed at both TSLP and IL-13. It is in Phase 1, with studies planned in COPD and atopic dermatitis, and an earlier bispecific programme is in lead optimisation. The company expects ten Phase 2 and Phase 3 readouts for the two candidates through 2029.
Licensed from China
Both clinical assets are in-licensed. WIN378 comes from Sichuan Kelun-Biotech and Harbour BioMed, and WIN027 from Qyuns Therapeutics. Windward holds rights outside Greater China, and for WIN378 also outside certain other Asian markets, according to the filing summary. Endpoints News highlighted the China-derived pipeline in its report on the filing. This model of licensing Chinese molecules into a Western company has become a common way to build a pipeline quickly.
Backers and financials
Windward launched in January 2025 with a $200 million Series A co-led by OrbiMed, Novo Holdings and Blue Owl Healthcare Opportunities, according to Novo Holdings. SR One, Omega Funds, RTW Investments, Qiming Venture Partners, Quan Capital and Pivotal bioVenture Partners also took part. Reuters reports that the company has secured up to $365 million from investors in total, and that Novo Holdings and funds managed by Blue Owl hold pre-IPO stakes of 14.5% and 5.9%, respectively.
The company has no revenue yet. It reported a net loss of $42.6 million for the six months to 30 June 2026 and $48.3 million for 2025, and had 38 employees at the end of September, according to the filing summary. Staff are based in Switzerland, the US, the UK and Spain.
A repeat team
Founder and CEO Luca Santarelli previously led VectivBio through its acquisition by Ironwood Pharmaceuticals and co-founded Therachon, which Pfizer acquired. Several of the leadership team, including the CFO, CMO and COO, worked with him at VectivBio, according to the filing summary. When the company launched, Novo Holdings said the founding team had together run two Nasdaq IPOs and two strategic exits.
What it means for European founders and investors
Windward's filing is another sign that the US remains the default listing venue for European biotech. A Swiss company with Swiss headquarters, a Danish anchor investor and a European team is choosing Nasdaq. The reason is that the deepest pool of specialist biotech investors is there, as are the analysts who cover clinical-stage companies.
For founders, the path is the lesson. Windward combined in-licensed clinical assets, an experienced team that had built and sold companies before, and a large Series A from specialist investors. It then moved quickly towards public markets. Reuters notes that biotech has been one of the more active sectors in this autumn's IPO market, even as rising bond yields weigh on broader risk appetite.
For European investors, the deal shows both strengths and gaps. European funds such as Novo Holdings and Omega Funds helped build the company, but the exit and later liquidity look set to come from US markets. Policymakers who want more scale-ups to list in Europe, a theme behind recent debates such as EU Inc, will see Windward as one more example of the gap they are trying to close.
Pricing and the size of the offering are still to be set. The IPO also depends on market conditions and the SEC review process.
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