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RTW Biotech Opportunities Ltd on Monday reported the successful initial public offering of an investee and some gains for its overall portfolio, but said its net asset value was down. The New York-based investment firm, which is focused on the life sciences sector, said its NAV was $1.68 per share at June 30, down 2.4% compared to the previous month. The stock was down 0.4% at $1.32 in London on Monday morning. RTW said its private investment activity increased during the second quarter with the addition of Abdera Therapeutics Inc to the portfolio, with investees Acelyrin Inc and Tourmaline Bio Inc going public during the period. Four portfolio companies went public in the first half year, all at ‘healthy premiums to [RTW’s] prior private holding values.’ ‘Pharma went shopping in the first half,’ RTW added, saying that mergers and acquisitions in the sector totalled $93 billion, ‘on track to be the highest since 2019.’ However, it said recovery in the biotechnology sector is currently ‘anaemic’ as a focus on AI outshining other growth opportunities. RTW meanwhile said its portfolio company, Massachusetts-based Apogee Therapeutics Inc, raised $300 million through its upsized IPO, offering 17.7 million shares at $17.00 each. RTW also said Apogee’s stock surged 25% to close at $21.23 per share on Friday, its first day of trading on Nasdaq. Apogee represented 0.6% of RTW’s NAV at June 30. ‘Apogee’s IPO is the third in our portfolio so far this year (and fifth go-public event). As full life cycle investors, we are excited to continue to partner with the team in its efforts to develop new treatments for patients with inflammatory conditions,’ said Roderick Wong, chief investment officer at RTW’s investment manager. ‘We also hope that such a strong market debut from a pre-clinical company may presage a better IPO environment ahead.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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