REG - RTW Biotech Opp. - Apellis and Centessa to be acquired

RTW Biotech OpportunitiesAnnouncement

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RNS Number : 9357Y  RTW Biotech Opportunities Ltd  01 April 2026

LEI: 549300Q7EXQQH6KF7Z84

1 April 2026

RTW Biotech Opportunities Ltd

Apellis and Centessa to be acquired

·      Apellis to be acquired by Biogen in $5.6 billion deal at 163%
premium to prior closing share price

·      Centessa to be acquired by Eli Lilly in $6.3 billion deal at 70%
premium to prior closing share price

·      As at 28 February 2026, Apellis represented 1.1% and Centessa
represented 0.2% of the Company's NAV respectively

 

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 the note the announcements by two of its public portfolio companies that
they will be acquired.

Biogen Inc. ("Biogen", Nasdaq: BIIB) has entered into a definitive agreement
to acquire public portfolio company Apellis Pharmaceuticals, Inc. ("Apellis",
Nasdaq: APLS). Apellis is a commercial-stage biotech advancing treatments for
serious, complement-driven diseases. It has two FDA-approved medicines,
EMPAVELI(®) for rare immune-mediated kidney diseases and SYFOVRE(®) for an
immune-mediated retinal disease.

Apellis shareholders will each receive $41 cash per share, a transaction that
values Apellis at $5.6 billion. Shareholders will also receive one contingent
value right (CVR) for each Apellis share held, entitling the holder to receive
two payments of $2 per share each, contingent on certain sales thresholds
being met. The transaction is expected to close in the second quarter of 2026.
The acquisition price represents a 163% premium (including CVRs) to Apellis'
closing share price on 30 March, prior to the announcement. As at 28 February
2026, Apellis represented 1.1% of the Company's NAV.

Eli Lilly and Company ("Eli Lilly", NYSE: LLY) has entered into a definitive
agreement to acquire public portfolio company Centessa Pharmaceuticals plc.
("Centessa", Nasdaq: CNTA). Centessa is a clinical-stage biotech developing a
new class of medicines for the treatment of excessive daytime sleepiness and
other neurological conditions.

Centessa shareholders will each receive $38 cash per share plus one CVR of up
to $9, for total potential consideration of up to $47 per share. The
transaction values Centessa at $6.3 billion and is expected to be completed in
the third quarter of 2026. The acquisition price represents a 70% premium
(including CVRs) to Centessa's closing share price on 30 March, prior to the
announcement. As at 28 February 2026, Centessa represented 0.2% of the
Company's NAV.

 

Rod Wong, CIO of RTW Investments, said, "These transactions are our seventh
and eighth M&A outcomes since summer 2025, across both commercial-stage
and clinical-stage companies, reinforcing the repeatability of our model and
the value of our full life cycle approach. We are proud to support innovations
that have the potential to significantly impact patient care and create
meaningful value for shareholders."

 

Eli Lilly's announcement can be found here
(https://investor.lilly.com/news-releases/news-release-details/lilly-acquire-centessa-pharmaceuticals-advance-treatments-sleep)
and Biogen's announcement can be found here
(https://investors.biogen.com/news-releases/news-release-details/biogen-acquire-apellis-enhancing-companys-growth-portfolio)
.

 

Enquiries:

 RTW Investments, LP - Investment Manager  +44 (0)20 7959 6362

 Oliver Kenyon                             biotechopportunities@rtwfunds.com

 Krisha McCune (Investor Relations)

 Cadarn Capital - PR & IR Partner

 Lucy Clark (PR)                           +44 (0)7984 184 461 / lucy@cadarncapital.com

 David Harris (Distribution)               +44 (0)7368 883 211 / david@cadarncapital.com

 Deutsche Numis - Joint Corporate Broker   +44 (0)20 7260 1000

 Nathan Brown

 Duncan Monteith

 George Shiel

 BofA Securities - Joint Corporate Broker  +44 (0)20 7628 1000

 Edward Peel

 Alex Penney

 Altum (Guernsey) Limited                  +44 (0)1481 703 100

 Joanna Duquemin Nicolle

 Sadie Morrison

 

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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