REG - RTW Biotech Opp. - Biogen to acquire Alcyone Therapeutics

RTW Biotech OpportunitiesAnnouncement

23/09/2025 07:00

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RNS Number : 3298A  RTW Biotech Opportunities Ltd  23 September 2025

LEI: 549300Q7EXQQH6KF7Z84

23 September 2025

RTW Biotech Opportunities Ltd

Biogen to acquire Alcyone Therapeutics

 

RTW Biotech Opportunities Ltd (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 Biogen Inc. ("Biogen") that it has entered into a
definitive agreement to acquire private portfolio company Alcyone
Therapeutics, Inc. ("Alcyone").

 

Biogen will acquire Alcyone for an upfront cash payment of $85 million plus
certain additional milestone payments. The upfront cash payment represents a
242% uplift on the Company's $2.1 million carrying value of Alcyone, adding
$5.0 million (+0.72%) to the 31 August NAV, where Alcyone represented a 0.31%
position. RTW Bio first invested in Alcyone in June 2021.

 

Alcyone is a clinical-stage biotechnology company focused on paediatric care.
Biogen and Alcyone have collaborated since 2023 to develop ThecaFlex DRx™, a
device implanted under the skin to deliver antisense oligonucleotides (ASOs).
ThecaFlex DRx™ is designed to provide an alternative to repeat lumbar
punctures in chronic intrathecal administration of medicines, which could ease
both patient experience and accessibility for a broader population of people
living with neurologic disorders.

 

Rod Wong, CIO of RTW Investments, said, "ThecaFlex DRx™ offers a more
accessible and less invasive way to deliver neurological therapies and we are
thrilled to see Alcyone's platform advance under Biogen's stewardship. This
acquisition, delivering a 242% uplift to carrying value, highlights the value
embedded within RTW Bio's private portfolio, following Johnson & Johnson's
2024 acquisition of Numab's lead asset at a 186% premium to our private
holding value. The acquisition of Alcyone is the second takeout event for RTW
Bio's portfolio this year, following Merck's acquisition of Verona. With
biotech M&A deal value at the end of June already surpassing the total for
2024, we expect this to be a vintage year for corporate activity."

 

Biogen's announcement can be found here
(https://investors.biogen.com/news-releases/news-release-details/biogen-acquire-alcyone-therapeutics-expanding-drug-delivery)
.

 

 

Enquiries:

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

 Oliver Kenyon                             biotechopportunities@rtwfunds.com

 Woody Stileman

 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

 Freddie Barnfield

 Nathan Brown

 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.rtwfunds.com/rtw-biotech-opportunities-ltd
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/)  for more
information.

 

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