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Upstream Bio (Nasdaq: UPB), a clinical-stage biotechnology company targeting inflammatory diseases, has announced the pricing of its upsized initial public offering (IPO) of 15,000,000 shares at $17.00 per share. The shares are set to begin trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol UPB. The offering is expected to close on October 15, 2024, subject to customary closing conditions. Upstream has also granted underwriters a 30-day option to purchase an additional 2,250,000 shares. Gross proceeds from the IPO are expected to be $255.0 million, before deducting underwriting discounts, commissions, and offering expenses. The joint book-running managers for the offering are J.P. Morgan, TD Cowen, Piper Sandler, and William Blair. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities.
Upstream Bio (Nasdaq: UPB), un’azienda biotecnologica in fase clinica che mira a trattare le malattie infiammatorie, ha annunciato il prezzo della sua offerta pubblica iniziale (IPO) aumentata di 15.000.000 azioni a $17,00 per azione. Le azioni inizieranno a essere scambiate sul Nasdaq Global Market l’11 ottobre 2024, con il simbolo di borsa UPB. Si prevede che l’offerta si chiuda il 15 ottobre 2024, soggetta alle consuete condizioni di chiusura. Upstream ha anche concesso ai sottoscrittori un’opzione di acquisto di ulteriori 2.250.000 azioni per 30 giorni. I proventi lordi dell’IPO sono attesi per un totale di $255,0 milioni, antes di dedurre gli sconti sui sottoscrittori, le commissioni e le spese dell’offerta. I gestori del libro dell’offerta sono J.P. Morgan, TD Cowen, Piper Sandler e William Blair. Questo annuncio non costituisce un’offerta di vendita né una sollecitazione di acquisto di questi titoli.
Upstream Bio (Nasdaq: UPB), una empresa de biotecnología en etapa clínica que se enfoca en enfermedades inflamatorias, ha anunciado el precio de su oferta pública inicial (IPO) aumentada de 15,000,000 acciones a $17.00 por acción. Las acciones comenzarán a cotizar en el Nasdaq Global Market el 11 de octubre de 2024, bajo el símbolo de cotización UPB. Se espera que la oferta cierre el 15 de octubre de 2024, sujeta a las condiciones habituales de cierre. Upstream también ha otorgado a los suscriptores una opción de compra de 2,250,000 acciones adicionales por 30 días. Se espera que los ingresos brutos de la IPO sean de $255.0 millones, antes de deducir los descuentos de suscripción, comisiones y gastos de la oferta. Los gerentes de la oferta son J.P. Morgan, TD Cowen, Piper Sandler y William Blair. Este anuncio no constituye una oferta para vender ni una solicitud para comprar estos valores.
Upstream Bio (Nasdaq: UPB)는 염증성 질환을 타겟으로 하는 임상 단계 생명공학 회사로, 15,000,000주를 주당 $17.00에 공모하는 가격을 발표했습니다 (IPO). 이 주식은 2024년 10월 11일부터 Nasdaq Global Market에서 UPB라는 심볼 아래 거래를 시작할 예정입니다. 이 공모는 2024년 10월 15일에 마감될 것으로 예상되며, 일반적인 마감 조건에 따릅니다. Upstream은 인수인에게 30일 이내에 추가로 2,250,000주를 구매할 수 있는 옵션도 부여했습니다. IPO로 인한 총 수익은 $255.0백만으로 예상되며, 인수 수수료, 수수료 및 공모 비용을 공제하기 전 금액입니다. 이 공모의 공동 주관 매니저는 J.P. Morgan, TD Cowen, Piper Sandler 및 William Blair입니다. 이 발표는 이러한 증권을 판매하거나 구매하라는 제안을 구성하지 않습니다.
Upstream Bio (Nasdaq: UPB), une entreprise de biotechnologie en phase clinique ciblant les maladies inflammatoires, a annoncé le prix de son introduction en bourse (IPO) élargie de 15 000 000 actions au prix de 17,00 $ par action. Les actions devraient commencer à être négociées sur le Nasdaq Global Market le 11 octobre 2024, sous le symbole UPB. L’offre devrait se clôturer le 15 octobre 2024, sous réserve des conditions de clôture habituelles. Upstream a également accordé aux dirigeants de l’émission une option d’achat de 2 250 000 actions supplémentaires pendant 30 jours. Les produits bruts de l’IPO devraient s’élever à 255,0 millions de dollars, avant déduction des remises de souscription, des commissions et des frais d’offre. Les gestionnaires conjoints de l’offre sont J.P. Morgan, TD Cowen, Piper Sandler et William Blair. Cette annonce ne constitue pas une offre de vente ni une sollicitation d’achat de ces titres.
Upstream Bio (Nasdaq: UPB), ein biopharmazeutisches Unternehmen in der klinischen Phase, das sich auf entzündliche Erkrankungen konzentriert, hat den Preis für seine erhöhte Börseneinführung (IPO) von 15.000.000 Aktien zu je 17,00 $ bekannt gegeben. Die Aktien werden voraussichtlich am 11. Oktober 2024 an der Nasdaq Global Market unter dem Tickersymbol UPB gehandelt. Die Angebotsfrist soll am 15. Oktober 2024 enden, vorbehaltlich üblicher Abschlussbedingungen. Upstream hat den Underwritern auch eine 30-tägige Option eingeräumt, zusätzliche 2.250.000 Aktien zu kaufen. Die Bruttoerlöse aus der IPO werden voraussichtlich 255,0 Millionen $ betragen, bevor Underwriting-Rabatte, Provisionen und Angebotskosten abgezogen werden. Die gemeinsam führenden Manager des Angebots sind J.P. Morgan, TD Cowen, Piper Sandler und William Blair. Diese Ankündigung stellt kein Angebot zum Verkauf und keine Aufforderung zur Kauf dieser Wertpapiere dar.
Positive
- Gross proceeds from the IPO are expected to be $255.0 million.
- The offering size was upsized to 15,000,000 shares.
- Shares are set to begin trading on the Nasdaq Global Market, providing liquidity.
Negative
- Potential shareholder dilution with the issuance of 15,000,000 shares and an option for an additional 2,250,000 shares.
Insights
Upstream Bio’s upsized IPO pricing at $17.00 per share for 15 million shares is a significant milestone, potentially raising $255 million in gross proceeds. This substantial capital infusion positions the company well for advancing its clinical-stage pipeline in inflammatory diseases, particularly severe respiratory disorders.
The pricing above the typical $10-$15 range for biotech IPOs suggests strong investor interest and confidence in Upstream’s potential. The upsized offering and additional 2.25 million share option further indicate robust demand. With backing from major underwriters like J.P. Morgan and TD Cowen, the IPO carries credibility in the biotech investment community.
However, investors should note that as a clinical-stage company, Upstream likely has no immediate revenue streams. The raised capital will be important for funding ongoing research and development, potentially extending the company’s runway for several years. The success of Upstream’s pipeline candidates will be critical for long-term value creation.
Upstream Bio’s focus on inflammatory diseases, particularly severe respiratory disorders, aligns with a significant unmet medical need and market opportunity. The company’s ability to attract $255 million in its IPO reflects investor confidence in its scientific approach and potential pipeline value.
The involvement of reputable underwriters and the upsized offering suggest that Upstream’s preclinical or early clinical data may be promising. However, it’s important to remember that the path from clinical trials to market approval is long and risky, especially in the inflammatory disease space where many candidates fail in late-stage trials.
Investors should closely monitor Upstream’s upcoming milestones, particularly any Phase 2 or Phase 3 trial results, as these will be critical inflection points for the company’s valuation. The substantial funding should provide Upstream with the resources to advance multiple programs simultaneously, potentially mitigating some development risks through pipeline diversification.
WALTHAM, Mass., Oct. 10, 2024 (GLOBE NEWSWIRE) — Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today announced the pricing of its upsized initial public offering of 15,000,000 shares of its common stock at a public offering price of $17.00 per share. All of the shares of common stock are being offered by Upstream. Upstream’s shares are expected to begin trading on the Nasdaq Global Market on October 11, 2024 under the ticker symbol “UPB.” The offering is expected to close on October 15, 2024, subject to the satisfaction of customary closing conditions. In addition, Upstream has granted the underwriters a 30-day option to purchase an additional 2,250,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.
J.P. Morgan, TD Cowen, Piper Sandler and William Blair are acting as joint book-running managers for the offering.
The gross proceeds to Upstream from the initial public offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $255.0 million.
Registration statements relating to the shares sold in the initial public offering have been filed with the Securities and Exchange Commission and became effective on October 10, 2024. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at prospectus@psc.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. The Company is developing verekitug, the only known antagonist currently in development that targets the receptor for thymic stromal lymphopoietin, a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. The Company has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps, and plans to initiate development in chronic obstructive pulmonary disease. Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care.
FAQ
When will Upstream Bio’s shares start trading on Nasdaq?
Upstream Bio’s shares are expected to begin trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol UPB.
How many shares is Upstream Bio offering in its IPO?
Upstream Bio is offering 15,000,000 shares of its common stock in the IPO.
What is the price per share for Upstream Bio’s IPO?
The price per share for Upstream Bio’s IPO is $17.00.
What are the expected gross proceeds from Upstream Bio’s IPO?
The expected gross proceeds from Upstream Bio’s IPO are $255.0 million.
Who are the joint book-running managers for Upstream Bio’s IPO?
The joint book-running managers for Upstream Bio’s IPO are J.P. Morgan, TD Cowen, Piper Sandler, and William Blair.
Does Upstream Bio have an option to sell additional shares?
Yes, Upstream Bio has granted the underwriters a 30-day option to purchase an additional 2,250,000 shares.
