Portfolio Company Update: Apogee Therapeutics IPO
LEI: 549300Q7EXQQH6KF7Z84
17 July 2023
RTW Biotech Opportunities Ltd
Portfolio Company Update: Apogee Therapeutics IPO
Apogee executes successful $300 million IPO
RTW Biotech Opportunities Ltd (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, Apogee Therapeutics, Inc. ("Apogee") regarding its pricing of an upsized $300 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "APGE".
Apogee is a pre-clinical biotechnology company seeking to develop differentiated biologics for the treatment of atopic dermatitis ("AD"), chronic obstructive pulmonary disease ("COPD"), and other inflammatory and immunology indications with high unmet need. Its two lead product candidates, APG777 and APG808, are being developed for the treatment of AD and COPD.
Prior to IPO, the Company, together with other funds managed by RTW Investments, LP (the "Investment Manager"), co-led Apogee's $149 million Series B financing round in December 2022.
Apogee's IPO raised $300 million by offering 17,650,000 shares at $17.00 per share. On the first day of trading, Apogee's share price traded up by 24.9% to close at $21.23 per share. At 30 June 2023, Apogee represented 0.6% of the Company's NAV.
Roderick Wong, MD, Managing Partner and Chief Investment Officer at the Investment Manager, said:
"Despite challenging capital markets, we continue to see good companies backed by promising science resonate with investors. 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. We also hope that such a strong market debut from a pre-clinical company may presage a better IPO environment ahead."
Apogee's IPO pricing announcement can be accessed on its website at: www.apogeetherapeutics.com.
For Further Information
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RTW Investments, LP |
+44 (0)20 7959 6361 |
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Woody Stileman, Managing Director Krisha McCune, Director, Client Service |
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biotechopportunities@rtwfunds.com |
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Buchanan Communications |
+44 (0)20 7466 5107 |
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Charles Ryland |
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Henry Wilson |
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Numis |
+44 20 7260 1000 |
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Freddie Barnfield |
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Nathan Brown |
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Euan Brown |
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BofA Securities |
+44 20 7628 1000 |
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Edward Peel |
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Kieran Millar
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Cadarn Capital David Harris |
+44 73 6888 3211 |
About RTW 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 life sciences sector. 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 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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