The IPO Buzz: UpStream Bio (UPB Proposed) Launches $200 Million IPO

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. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.