Form 4: OrbiMed Advisors Reports Beneficial Ownership Changes in Upstream Bio, Inc. Following IPO
SEC Form 4
OrbiMed Advisors and related entities report changes in beneficial ownership of Upstream Bio, Inc. common stock following the company's initial public offering.
Summary
- OrbiMed Advisors LLC, along with related entities OrbiMed Capital GP VIII LLC, OrbiMed Advisors Israel II Ltd, and OrbiMed Israel GP II, L.P., filed a Form 4 detailing changes in their beneficial ownership of Upstream Bio, Inc. (UPB) common stock.
- The report indicates transactions occurred on October 15, 2024, involving the conversion of Series A and Series B redeemable convertible preferred stock into common stock in connection with Upstream Bio's IPO.
- OrbiMed entities acquired common stock through conversion (721,956 shares and 2,887,833 shares) and open market purchases (165,000 shares at $17 and 660,000 shares at $17).
- Following these transactions, the OrbiMed entities indirectly hold a significant number of Upstream Bio's common shares.
- Carl L. Gordon, representing various OrbiMed entities, signed the report on October 17, 2024.
Sentiment
Score: 5
Explanation: Neutral sentiment as it is a standard regulatory filing related to changes in beneficial ownership following an IPO.
Industry Context
Form 4 filings are standard practice for significant shareholders following material transactions, especially after an IPO. This filing provides transparency regarding the ownership structure of Upstream Bio post-IPO.
Stakeholder Impact
- Provides transparency to shareholders regarding the ownership structure of Upstream Bio after its IPO.
- Informs stakeholders about the investment activity of major shareholders like OrbiMed.
Key Dates
| Date | Description |
|---|---|
| 10/15/2024 | Date of transactions involving conversion of preferred stock and purchase of common stock. |
| 10/17/2024 | Date of report filing. |
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