RTW Biotech Opp. - RTW Biotech Opp. – Investment Update: Kyverna IPO
09/02/2024 07:00
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RNS Number : 5653C RTW Biotech Opportunities Ltd 09 February 2024
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/
(https://kyvernatx.com/press-releases/kyverna-therapeutics-announces-pricing-of-upsized-initial-public-offering/)
.
For Further Information
RTW Investments, LP +44 (0)20 7959 6361
Woody Stileman, Managing Director
Krisha McCune, Director, IR
biotechopportunities@rtwfunds.com (mailto:biotechopportunities@rtwfunds.com)
+44 (0)20 7466 5107
Buchanan Communications
Charles Ryland
Henry Wilson
Numis +44 20 7260 1000
Freddie Barnfield
Nathan Brown
Euan Brown
BofA Securities +44 20 7628 1000
Edward Peel
Kieran Millar
Cadarn Capital +44 73 6888 3211
David Harris
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
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/) for more
information.
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