Portfolio Company Update: Acelyrin IPO

RTW Venture Fund Limited

09 May 2023

 

LEI: 549300Q7EXQQH6KF7Z84

09 May 2023

RTW Venture Fund Limited

Portfolio Company Update: Acelyrin IPO

Acelyrin Prices Upsized $540 Million IPO

RTW Venture Fund Limited (the "Company"), a London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, is pleased to note the announcement by one of its portfolio companies, Acelyrin, Inc. ("Acelyrin") regarding its pricing of an upsized $540 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "SLRN".

Acelyrin is a late-stage clinical biopharma company focused on accelerating the development and delivery of transformative medicines in immunology. Its lead product candidate, Izokibep, is a small protein therapeutic designed to inhibit interleukin-17A (IL-17A) with high potency and the potential for robust tissue penetration due to its small molecular size, about one-tenth the size of a monoclonal antibody. Izokibep is in late-stage clinical development across multiple indications including hidradenitis suppurative, psoriatic arthritis, uveitis and axial spondylarthritis.

Prior to IPO, the Company, together with other funds managed by RTW Investments, LP (the "Investment Manager"), participated in Acelyrin's $250 million Series B financing round in November 2021.

Acelyrin's IPO raised $540 million by offering 30 million shares at $18.00 per share. On the first day of trading, Acelyrin's share price traded up by 30.55% to close at $23.50 per share.

Roderick Wong, MD, Managing Partner and Chief Investment Officer at the Investment Manager, said: 

"We are excited about Acelyrin's successful debut on the public markets, the third from our portfolio this year in an otherwise challenging capital market, and we look forward to supporting the company in its efforts to develop new treatments for inflammatory conditions."

Acelyrin's IPO pricing announcement can be accessed on its website at: www.acelyrin.com.

For Further Information

RTW Investments, LP	[phone]
Woody Stileman, Managing Director Krisha McCune, Director, Client Service
Buchanan Communications	[phone]
Charles Ryland
Henry Wilson
George Beale

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW & RTWG) is an investment fund focused on identifying transformative assets with high growth potential across the life sciences sector. Driven by a long-term approach to support innovative businesses, RTW Venture Fund invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives.

RTW Venture Fund Limited is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the RTW website at www.rtwfunds.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

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