Post-transaction Manager NAV Estimate

RTW Biotech Opportunities Ltd

20 February 2024

 

LEI: 549300Q7EXQQH6KF7Z84

20 February 2024

RTW Biotech Opportunities Ltd

Post-transaction Manager NAV Estimate

RTW Biotech Opportunities Ltd (the "Company" or "RTW Bio") announces that the unaudited, indicative and estimated pro forma net asset value attributable to ordinary shareholders of the Company (the "Indicative and Estimated NAV") as at the closing of the Arix transaction (the "Transaction") on 12 February 2024 was US$644.2 million, equivalent to US$1.88 per ordinary share.

The Indicative and Estimated NAV and NAV per share are unaudited figures that have been prepared by the Company's Manager. They were calculated based on the following assumptions and calculations:

·      transfer of all Arix assets as agreed in the Transaction less certain Arix cash and assets left with Arix's liquidator;

·      the price of RTW Bio and Arix public securities at market close on 12 February 2024;

·      foreign exchange rates on 12 February 2024;

·      RTW Bio's private assets valued as of 31 January 2024;

·      Arix private assets valued at Manager's anticipated future holding valuation under RTW's valuation methodology;

·      estimated transaction fees incurred by RTW Bio in the Transaction;

·      cancellation of the holding value of Arix shares resulting from the previously announced Acacia stake purchase;

·      return of some reasonably expected excess capital held by the Arix liquidator;

·      does not include a provision for performance allocation; and

·      342,713,649 shares used as the denominator for the per share calculation. As per the "Completion of Acquisition" announcement published on 13 February 2024, the calculation of the denominator excludes 48,322,863 New RTW Bio Shares issued to RTW Biotech Opportunities Operating Ltd in respect of its shareholding in Arix held by the Company.

The Indicative and Estimated NAV is an unaudited figure. The assumptions and calculations are believed to be valid as at the date of this announcement but may be subject to change. In particular, shareholders should be aware that the valuation of the Arix private assets, valued for this purpose at the Manager's anticipated future holding valuation, may change materially as RTW's valuation methodology is applied over the coming months.

For Further Information:

RTW Investments, LP	[phone]
Woody Stileman, Managing Director, Business Development Krisha McCune, Director, Investor Relations	[e-mail]
Buchanan (PR & Communications Adviser)	[phone]
Charles Ryland
Henry Wilson
George Beale
Deutsche Numis (Joint Corporate Broker)	[phone]
Freddie Barnfield
Nathan Brown
Euan Brown
BofA Securities (Joint Corporate Broker)	[phone]
Edward Peel
Alex Penney
Cadarn Capital (Distribution & IR Partner)	[phone]
David Harris
Elysium Fund Management Limited Joanna Duquemin Nicolle, Chief Executive Officer Sadie Morrison, Managing Director	[phone]
Morgan Stanley Fund Services USA LLC	[phone]

About Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW & RTWG) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd 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 website at www.rtwfunds.com/rtw-biotech-opportunities-ltd for more information.

 

END