At the $17 midpoint, Windward expects net proceeds of about $155.6 million from the offering. That figure would rise to around $179.7 million if underwriters exercise their option to buy an additional 1.54 million shares, the company said.

Windward is developing medicines for patients with serious respiratory and dermatologic diseases. It expects to have about 59.6 million shares outstanding after the IPO and private placement, assuming the overallotment option is exercised. At the midpoint price, that would imply a market capitalization topping $1 billion.

The company has applied to list its shares on the Nasdaq Global Market under the symbol WWB.