Oct 10 (Askume) – Upstream Bio (UPBO.BO), which is developing treatments for certain respiratory diseases, said on Thursday it had raised $255 million in a U.S. initial public offering.
The drugmaker joins a wave of biotech companies moving toward stock market listings as the long-awaited policy easing cycle begins . September is the busiest month for healthcare IPOs this year , according to Dealogic.
Waltham, Mass.-based Upstream sold 15 million shares at $17 a share, within its marketing range of $15 to $17.
The IPO values the drug developer at about $830 million.
Upstream’s lead experimental drug, Verecitug, is in mid-stage studies for treating severe asthma and chronic sinusitis with nasal polyps (CRSwNP), a condition characterized by benign growths that cause pain and nasal congestion.
Prior to the IPO, Upstream Bio had raised about $400 million from investors since its inception in 2021, including a $200 million round co-led by Anavet Sciences and Venrock Healthcare Capital Partners last year.
The offering is backed by JPMorgan Chase, TD Cowen, Piper Sandler and William Blair.
Upstream’s shares are expected to begin trading on the Nasdaq Global Market on Oct. 11 under the stock symbol “UPB.”
Kaiser Permanente-backed drugmaker Camp4 Therapeutics and TPG-backed medical device maker Ceribel are also set to begin trading Friday.
