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HBM Healthcare Investments AG
Share Issue/Capital Change • Oct 14, 2024
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Share Issue/Capital Change
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Corporate | 14 October 2024 06:30
HBM portfolio company Upstream Bio raises USD 255 million in successful initial public offering
HBM Healthcare Investments AG / Key word(s): IPO
HBM portfolio company Upstream Bio raises USD 255 million in successful initial public offering
14.10.2024 / 06:30 CET/CEST
Upstream Bio (Nasdaq: UPB), a previously private company in the HBM Healthcare Investments portfolio, got off to a successful start on the stock market last Friday. The company raised USD 255 million in new capital through the issuance of 15 million shares at a price of USD 17.00 per share. The share price rose to USD 22.00 (+29.4%) on the first day of trading, valuing the company at around USD 1.1 billion.
HBM Healthcare Investments has invested a total of USD 30 million in two financing rounds of Upstream Bio since October 2021. Most recently, the investment was valued at USD 44 million. Following the IPO, HBM Healthcare Investments holds approximately 2.7 million shares with a total value of USD 59.7 million.
Upstream Bio is a biotechnology company focused on developing treatments for inflammatory diseases, particularly severe respiratory disorders. The company is developing verekitug, a unique antibody that targets the receptor for thymic stromal lymphopoietin (TSLP), a key driver of inflammation. Verekitug is currently in Phase 2 trials for severe asthma and chronic rhinosinusitis with nasal polyps, and the company plans to explore its use in chronic obstructive pulmonary disease (COPD).
Contact
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at [email protected] .
End of Media Release
| Language: | English |
| Company: | HBM Healthcare Investments AG |
| Bundesplatz 1 | |
| 6300 Zug | |
| Switzerland | |
| Phone: | +41438887171 |
| Fax: | +41438887172 |
| E-mail: | [email protected] |
| Internet: | https://www.hbmhealthcare.com |
| ISIN: | CH0012627250 |
| Valor: | 1262725 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2007323 |
| End of News | EQS News Service |