The Goodwin Life Sciences team advised Upstream Bio on its upsized initial public offering of 17,250,000 shares of its common stock at a public offering price of $17.00 per share, which includes 2,250,000 shares issued upon the full exercise by the underwriters of their option to purchase additional shares of common stock. All of the shares of common stock were offered by Upstream. The gross proceeds to Upstream from the initial public offering were approximately $293 million, before deducting underwriting discounts and commissions and other offering expenses. The shares began trading on the Nasdaq Global Select Market on October 11, 2024 under the ticker symbol “UPB.”
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.
The Goodwin team was led by Gaby Morales-Rivera, Bill Collins, Kathryn Clerici, Mac Taggart, Alexa Folco, Cassidy Merten, Joseph Flynn, Cam Buttermore, Susan Lee, Elizabeth Mulkey, Aylar Banafshe, Matthew Wetzel, Heath Ingram, Sarah Bock, Andre Amorim, James Oh, Daniel Scolnick and Alicia Palladino, Erin Svokos, Daniel Karelitz, Jacqueline Klosek, Curtis McCluskey, Federica De Santis, Annabel Loose, Brian Mukherjee, Gozde Guckaya, Justin Pierce, Tim Worden, Luke Nauth, Lucy Sharples, and Maggie Wong with invaluable assistance from Nathan Needle, Zara Mahmood, Austin Church and Bonnie Nie.
For more information on the closing, please read the press release.