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The IPO Buzz: UpStream Bio (UPB) Prices Upsized IPO at $17 – Top of Range

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More stock, priced at the top of its range: Phase II biotech UpStream Bio (UPB) upsized its IPO at pricing to 15.0 million shares – up from 12.5 million in the prospectus – and priced the deal at $17.00 – the top of its $15.00-to-$17.00 range – to raise $255.0 million on Thursday night, Oct. 10, 2024. UpStream Bio’s stock is expected to start trading Friday, Oct. 11, 2024, on the NASDAQ.

J.P.Morgan, TD Cowen, Piper Sandler and William Blair acted as joint book-runners.

At pricing, UpStream Bio had a market cap of $872.81 million.

UpStream Bio, founded in 2021, is developing its leading drug candidate, verekitug, a monoclonal antibody, in two separate Phase II clinical trials – one trial is focused on severe asthma, with Phase II topline data due in the second  half of 2026, and the other trial is focuses  on chronic rhinosinusitis with nasal polyps, with Phase II topline data due in the second half of 2025.

The Waltham, Massachusetts-based biotech plans to start development of verekitug as a treatment for COPD (chronic obstructive pulmonary disease) in 2025, the prospectus said.

Principal shareholders include entities affiliated with OrbiMed, with a pre-IPO stake of 13.4 percent and a post-IPO stake of 9.97 percent, and AI Upstream LLC, controlled by billionaire Len Blavatnik, according to the prospectus. AI Upstream LLC owns a pre-IPO stake of 11.88 percent and a post-IPO stake of 8.84 percent.

UpStream Bio has received about $4.2 million in licensing and collaboration revenue so far – for the years 2022 and 2023 and the first six months of 2024 – under a licensing agreement with Maruho, a Japanese pharmaceutical company, according to the prospectus. The Phase II biotech, however, is not profitable. For the 12 months that ended June 30, 2024, UpStream Bio reported a net loss of $40.51 million on collaboration revenue of $2.2 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 of 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.


Source: https://www.iposcoop.com/the-ipo-buzz-upstream-bio-upb-prices-upsized-ipo-at-17-top-of-range/



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