UpStream Bio (UPB Proposed) unveiled the terms and launched its $200 million IPO early today – Monday, Oct. 7, 2024. The Phase II biotech, whose leading drug candidate is targeting severe asthma, chronic rhinosinusitis with nasal polyps, and COPD, is offering 12.5 million shares at a price range of $15.00 to $17.00 to raise $200 million, according to its S-1/A filing dated Oct. 7, 2024. If priced at the $16.00 mid-point of its range, UpStream Bio would have a market cap of $781.47 million. UpStream Bio, a startup, was founded in 2021.
UpStream Bio’s IPO is set for pricing on Wednesday night, Oct. 9, 2024, to trade Thursday, Oct. 10, 2024, on the NASDAQ.
J.P. Morgan, TD Cowen, Piper Sandler and William Blair are the joint book-runners.
UpStream Bio, based in Waltham, Massachusetts, is a clinical biotech evaluating verekitug, a monoclonal antibody, in two separate Phase II trials to treat severe asthma and chronic rhinosinusitis with nasal polyps. UpStream Bio describes verekitug in the prospectus as the “only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin (TSLP),” the cytokine that drives the inflammatory response in a number of diseases. UpStream Bio also plans to initiate development of verekitug as a treatment for chronic obstructive pulmonary disease (COPD), the prospectus said.
For the 12 months that ended June 30, 2024, UpStream Bio booked $2.22 million in collaboration revenue from its license agreement with Maruho Corp. of Japan, according to the prospectus. During that period, UpStream Bio reported a net loss of $40.51 million.
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