Upstream Bio Announces Pricing of Upsized Initial Public Offering
WALTHAM, Mass., Oct. 10, 2024 – Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage biotechnology company focused on developing treatments for inflammatory diseases, particularly severe respiratory disorders, has announced the pricing of its upsized initial public offering (IPO). The company is offering 15,000,000 shares of its common stock at a public offering price of $17.00 per share, with all shares being offered by Upstream.
Trading for Upstream’s shares is expected to commence on the Nasdaq Global Market on October 11, 2024, under the ticker symbol “UPB.” The IPO is projected to close on October 15, 2024, pending the fulfillment of customary closing conditions. Additionally, Upstream has granted the underwriters an option to purchase up to 2,250,000 additional shares of common stock within 30 days at the public offering price, minus underwriting discounts and commissions.
The gross proceeds from this initial public offering are anticipated to total approximately $255.0 million before deducting underwriting discounts, commissions, and offering expenses.
Registration statements related to the shares offered in the initial public offering have been filed with the Securities and Exchange Commission and were activated on October 10, 2024. This offering is exclusively being made through a prospectus.
About Upstream Bio
Upstream Bio specializes in the development of treatments for inflammatory diseases, concentrating initially on severe respiratory disorders. A central focus of the company’s research is on verekitug, the only known antagonist in development targeting the receptor for thymic stromal lymphopoietin, a cytokine identified as a clinically validated driver of inflammatory response that is upstream of several signaling pathways affecting various immune-mediated diseases.
Upstream Bio has progressed this potent monoclonal antibody into separate Phase 2 trials for treating severe asthma and chronic rhinosinusitis with nasal polyps. Plans are also in place to initiate development for chronic obstructive pulmonary disease (COPD). The company’s team aims to leverage verekitug’s unique properties to address significant unmet needs in patient care, particularly for those underserved by existing treatment options.
