Upstream Bio (UPB.US) IPO priced at $15-$17/share, raising $200M
Upstream Bio, a clinical-stage biotechnology company, announced IPO terms Monday, planning to sell 12.5 million shares at $15 to $17 each, raising $200 million.
The company expects to price this week. At the midpoint of the proposed range, it will have a fully diluted market capitalization of $850.7 million.
Upstream Bio is a clinical-stage biotechnology company developing monoclonal antibodies for respiratory diseases. Its lead candidate is Verekitug, a monoclonal antibody for the treatment of severe respiratory diseases. Verekitug is designed to target and inhibit the thymic stromal lymphopoietin receptor, which Upstream Bio has advanced to a Phase 2 clinical trial for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps. The company also plans to include it in a Phase 2 clinical trial for chronic obstructive pulmonary disease.
Upstream Bio was founded in 2021 and had $2 million in sales over the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol UPB. Joint bookrunners on the deal are J.P. Morgan, TD Cowen, Piper Sandler and William Blair.