Windward Bio began trading after raising $175 million in an IPO, with an additional $50 million from Sanofi. The company’s debut focuses on next-generation antibody drugs for respiratory diseases, including a lead program aimed at the same target as a blockbuster asthma drug. The financing positions Windward Bio to advance its biologics pipeline in an area where payer scrutiny and differentiated efficacy remain decisive. Sanofi’s participation signals continued interest in respiratory immunology platforms, particularly antibody formats designed for competitive breadth and durability. For public-market investors and strategic partners, Windward’s launch also highlights how large pharma can use equity stakes to underwrite early-stage pipeline risk while retaining optionality for future collaborations.