Upstream Bio, a clinical-stage biotech developing a monoclonal antibody to target respiratory disorders, announced terms for its IPO on Monday.
The Waltham, MA-based company plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Upstream Bio would command a fully diluted market value of $850.7 million.
The company's lead candidate is verekitug, a monoclonal antibody being developed to treat severe respiratory disorders. Verekitug aims to target and inhibit the Thymic Stromal Lymphopoietin receptor, and Upstream Bio has advanced it to into Phase 2 trials to treat severe asthma and chronic rhinosinusitis with nasal polyps. It plans to also enter it into a Phase 2 trial for chronic obstructive pulmonary disease.
Upstream Bio was founded in 2021 and booked $2 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol UPB. J.P. Morgan, TD Cowen, Piper Sandler, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 7, 2024.
