Upstream Bio raises $255 mln in US IPO
Updates with details from release in paragraphs 3-5, 8. Adds background in paragraphs 6, 7 & 9
Oct 10 (Reuters) -Upstream Bio UPB.O, which is developing treatments for some respiratory disorders, said on Thursday it had raised $255 million in its initial public offering in the United States.
The drug developer joins a swath of biotech companies rushing towards a stock market listing as a long-awaited policy easing cycle begins. September was the busiest month for healthcare IPOs this year, Dealogic data showed.
Waltham, Massachusetts-based Upstream sold 15 million shares priced at $17 apiece, within its marketed range of $15 to $17.
The IPO valued the drug developer at about $830 million.
Upstream's lead experimental drug, verekitug, is being developed in mid-stage studies to treat severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP), a condition characterized by benign growths that cause pain and stuffiness.
Prior to the IPO, Upstream Bio had raised about $400 million from investors since its inception in 2021, including a $200 million funding round last year that was led jointly by Enavate Sciences and Venrock Healthcare Capital Partners.
The offering was underwritten by J.P. Morgan, TD Cowen, Piper Sandler, and William Blair.
Upstream shares are expected to start trading on the Nasdaq Global Market on Oct. 11 under the ticker symbol "UPB."
Kaiser Permanente-backed drug developer CAMP4 Therapeutics and TPG-backed medical device maker CeriBell are also set to start trading on Friday.
Reporting by Gursimran Kaur and Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona
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