RTW Biotech Opp. – Investment Update: Kyverna IPO
LEI: 549300Q7EXQQH6KF7Z84
9 February 2024
RTW Biotech Opportunities Ltd
Portfolio Company Update: Kyverna Therapeutics prices upsized IPO at $319 million
RTW Biotech Opportunities Ltd (the "Company"), a London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by Kyverna Therapeutics ("Kyverna") regarding its pricing of a $319 million initial public offering ("IPO"), upsized $137 million above its initial estimate last week. Kyverna will trade on Nasdaq Global Select Market under the ticker "KYTX".
Kyverna's IPO raised $319 million by offering 14,500,000 shares at $22.00 per share. Additionally, Kyverna has granted the underwriters a 30-day option to purchase up to an additional 2,175,000 shares of common stock at the IPO price, less discounts and commissions. On the first day of trading, Kyverna's share price traded up by 36.4% to close at $30.00 per share. As at 31 December 2023, Kyverna represented 0.45% of the Company's NAV.
Kyverna is a clinical-stage cell therapy biopharma company engineering a new class of therapies for autoimmune and inflammatory diseases. Kyverna's therapeutic platform combines advanced T-cell engineering and synthetic biology technologies to suppress or eliminate the autoreactive immune cells at the origin of autoimmune and inflammatory diseases. The Company initially invested in Kyverna's Series B round in early 2022.
Kyverna's lead asset, KYV-101, is in Phase 1 testing for lupus nephritis and systemic sclerosis, and in Phase 2 testing for myasthenia gravis and multiple sclerosis.
Chris Liu, PhD, Senior Research Analyst at the Investment Manager who has served as a non-voting board observer of Kyverna since 2022 said, "We are pleased to continue to support Kyverna Therapeutics in its mission to deliver innovative CAR-T cell therapy to patients with autoimmune and inflammatory diseases. This marks the fifth biotech IPO of the year, and we continue to see good companies with innovative assets receiving great support from the public market."
The full text of Kyverna's announcement can be accessed on its website at: https://kyvernatx.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, IR |
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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 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.
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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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