Yarrow Bioscience merges with VYNE Therapeutics

RTW Biotech Opportunities Ltd

29 July 2026

 

LEI: 549300Q7EXQQH6KF7Z84

29 July 2026

RTW Biotech Opportunities Ltd

Yarrow Bioscience merges with VYNE Therapeutics

•      Yarrow, RTW's seventh new company creation, goes public via reverse merger with VYNE

•      Combined company trades on Nasdaq under "YARW" following a $200m private financing led by RTW

•      Lead programme YB-101 has received FDA Fast Track Designation and Phase 2a data expected 2H 2027

RTW Biotech Opportunities Ltd ("RTW Bio" or "the Company"), the 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 private portfolio company Yarrow Bioscience ("Yarrow"), of the completion of its previously announced merger with public company VYNE Therapeutics Inc. ("VYNE") and the concurrent private financings totalling approximately $200 million, led by RTW Investments, LP.

Yarrow is the seventh new company creation of RTW Investments, LP. It is advancing YB-101, a potential first-in-class anti-thyroid stimulating hormone receptor antibody (the common target of autoantibodies in both the thyroid and the eye) designed to treat both Graves' disease ("GD") and thyroid eye disease ("TED"). Yarrow has initiated a Phase 2a/2b trial evaluating YB-101 and the molecule has received Fast Track Designation from the FDA with data from the 2a portion expected in the second half of 2027. In December 2025, RTW Bio invested $5.9 million in the Series A and an additional $2.4 million in the PIPE financing occurring concurrently with the merger.

The combined company operates as Yarrow Bioscience, Inc. and began trading on the Nasdaq Global Select Market under the ticker "YARW" on 28 July 2026. Based on the closing share price on the first day of trading, RTW Bio saw a 3.7x MOIC and a 192% uplift to carrying value on this investment. This uplift is equivalent to $20.4 million or 2.0% of the 30 June NAV.

Rod Wong, CIO of RTW Investments, said, "Yarrow is RTW's seventh new company creation. Today's listing gives Yarrow the public platform and cash runway to advance YB-101 through the clinic. We are proud to have been the founding investor and remain deeply committed to Yarrow's mission to transform outcomes for patients living with Graves' disease and thyroid eye disease."

The announcement can be found here.

RTW Bio's previous announcement can be found here.

Enquiries:

RTW Investments, LP - Investment Manager Oliver Kenyon Krisha McCune (Investor Relations)	[phone] [e-mail]
Cadarn Capital - PR & IR Partner Lucy Clark (PR) David Harris (Distribution)	[phone] / [e-mail] [phone] / [e-mail]
Deutsche Numis - Joint Corporate Broker Nathan Brown Duncan Monteith George Shiel	[phone]
BofA Securities - Joint Corporate Broker Edward Peel Alex Penney	[phone]
Altum (Guernsey) Limited Joanna Duquemin Nicolle Sadie Morrison	[phone]

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) 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.rtwbio.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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