Upstream Bio Prices Increased Initial Public Offering

WALTHAM, Mass., Oct. 10, 2024 - Upstream Bio, Inc. (Nasdaq: UPB), a biotechnology firm engaged in the clinical development of therapies for inflammatory diseases, particularly severe respiratory disorders, has revealed the pricing for its expanded initial public offering. The company will offer 15,000,000 shares of its common stock at a price of $17.00 per share. All shares in the offering are being provided by Upstream.

Trading of Upstream's shares will commence on the Nasdaq Global Market on October 11, 2024, under the ticker symbol “UPB.” The closing of this offering is anticipated to occur on October 15, 2024, pending customary closing conditions. Furthermore, Upstream has provided underwriters a 30-day option to purchase an additional 2,250,000 shares of its common stock at the public offering price, with deductions for underwriting discounts and commissions.

The joint book-running managers for this offering are J.P. Morgan, TD Cowen, Piper Sandler, and William Blair. Upstream expects to generate gross proceeds of $255.0 million from this initial public offering, before accounting for underwriting discounts, commissions, and other offering expenses.

Registration statements for the shares in this initial public offering have been filed with the Securities and Exchange Commission and were declared effective on October 10, 2024. The offering is conducted solely through a prospectus, which can be requested from the following entities: J.P. Morgan Securities LLC, TD Securities (USA) LLC, Piper Sandler & Co., and William Blair & Company, L.L.C.

Upstream Bio is a clinical-stage biotech company focused on developing treatments for inflammatory diseases, with a primary emphasis on severe respiratory conditions. The company is pioneering the development of verekitug, an antagonist targeting the receptor for thymic stromal lymphopoietin (TSLP). TSLP is a cytokine known to drive inflammatory responses and influences multiple signaling pathways involved in immune-mediated diseases. Verekitug has shown potential in its Phase 2 trials for treating severe asthma and chronic rhinosinusitis with nasal polyps. Additionally, Upstream Bio plans to extend its development efforts to chronic obstructive pulmonary disease (COPD).

The team at Upstream Bio is dedicated to leveraging verekitug's unique properties to meet the significant unmet medical needs of patients who are inadequately served by current treatments.