Upstream Bio Announces Pricing of Upsized Initial Public Offering
WALTHAM, Mass., Oct. 10, 2024 — Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage biotechnology company dedicated to making strides in treating inflammatory diseases, primarily focusing on 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. All shares being sold are offered by Upstream Bio.
The company’s shares are expected to commence trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol “UPB.” The offering is anticipated to close on October 15, 2024, pending the fulfillment of customary closing conditions. Additionally, Upstream Bio has provided underwriters with a 30-day option to purchase an extra 2,250,000 shares of common stock at the public offering price, excluding underwriting discounts and commissions.
J.P. Morgan, TD Cowen, Piper Sandler, and William Blair are acting as joint book-running managers for the IPO.
The gross proceeds from the IPO, before deducting underwriting discounts, commissions, and offering-related expenses, are estimated to be $255.0 million.
Registration statements for the shares offered in the IPO have been filed with the Securities and Exchange Commission and became effective on October 10, 2024. The offering is conducted solely by means of a prospectus.
About Upstream Bio
Upstream Bio is a pioneering clinical-stage biotechnology company focused on creating treatments for inflammatory diseases, with its primary initial focus on severe respiratory disorders. The company is advancing a novel therapy, verekitug, which is recognized as the only antagonist in development targeting the receptor for thymic stromal lymphopoietin (TSLP). TSLP is a cytokine that has been clinically validated as a key driver in the inflammatory response and plays a pivotal role upstream in several signaling pathways affecting various immune-mediated diseases.
Upstream Bio has successfully progressed this potent monoclonal antibody into separate Phase 2 clinical trials aimed at treating severe asthma and chronic rhinosinusitis with nasal polyps, with plans to initiate additional development in chronic obstructive pulmonary disease (COPD). The dedicated team at Upstream Bio is focused on leveraging the unique attributes of verekitug to address substantial unmet medical needs for patients who are often underserved by existing standards of care.
