REG - RTW Biotech Opp. - Kailera completes $625 million IPO

RTW Biotech OpportunitiesAnnouncement

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RNS Number : 0164B  RTW Biotech Opportunities Ltd  20 April 2026

LEI: 549300Q7EXQQH6KF7Z84

20 April 2026

RTW Biotech Opportunities Ltd

Kailera completes $625 million IPO

·      Second-largest private investment completes upsized IPO

·      Kailera is the biggest-ever biotech IPO, raising total proceeds
of $625 million

·      IPO price represents 47% step-up to prior holding value and 49%
step-up from cost

·      Kailera's share price closed up 62.5% on first day of trading

·      As at 31 March 2026, Kailera represented 3.5% of RTW Bio's NAV

 

RTW Biotech Opportunities Ltd ("RTW Bio"), 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 one of its private portfolio companies, Kailera Therapeutics,
Inc. ("Kailera") regarding the pricing of its $625 million initial public
offering ("IPO").

Kailera's IPO raised $625 million (upsized from $500 million) by offering 39
million shares at $16 per share. This valuation represents a 47% step-up from
RTW Bio's prior holding value at 31 March 2026 and a 49% step-up from cost.
This transaction sets a record as the biggest-ever biotech IPO by total
proceeds.

Kailera began trading on the Nasdaq Global Select Market under the ticker
"KLRA" on 17 April 2026, where the shares traded up 62.5% to close at $26 on
the day. Overall, this first day closing valuation represents a 139% step-up
from RTW Bio's prior holding value at 31 March 2026 and a 143% step-up from
cost.  Prior to the uplift in value, as at 31 March 2026, Kailera represented
3.5% of RTW Bio's NAV.

Kailera is a clinical-stage biotechnology company focused on elevating the
next era of obesity care by progressing a diversified pipeline of medicines
for people living with obesity. It has four clinical-stage product candidates
leveraging multiple GLP-1-based mechanisms of action. The lead product
candidate, ribupatide (KAI-9531), is in global Phase 3 trials as a once-weekly
injectable GLP-1/GIP receptor dual agonist.

 

The successful IPO of Kailera highlights two key features of RTW Bio's
investment strategy:

 

1)    Proven RTW newco creation model: Kailera is a RTW Investments' new
company creation, a core tenet of the Investment Manager's strategy. In 2024,
RTW Bio (alongside other investment vehicles managed by RTW Investments)
co-led Kailera's Series A financing round with Bain Capital Life Sciences.
These transactions demonstrate a repeatable ability to identify high-potential
science and systematically build differentiated companies around it with
dedicated capital, strategic oversight and operational expertise, driving
value from inception through to public markets.

 

2)    Latent value within RTW Bio's private portfolio: Kailera's IPO
provides tangible validation of the value both embedded within RTW Bio's
private investments and of the Investment Manager's full life cycle investment
approach. The associated valuation uplift demonstrates the Investment
Manager's ability to generate attractive returns through private company
formation and development, while highlighting the significant latent value and
future realisation potential across the broader private portfolio. As at 31
March 2026, 24% of RTW Bio's NAV was allocated to private investments
(including Kailera).

 

Rod Wong, CIO of RTW Investments, said, "We're excited for the Kailera team
and congratulate them on their successful IPO. Kailera is a great example of
our strategy to build great companies around best-in-class assets, also
underscoring the strength of our global sourcing platform, including in China,
where we have established expertise and networks to access high-quality
innovation. Furthermore, the successful public debut of this investment
demonstrates the latent value within RTW Bio's private portfolio. With a
significant proportion of our NAV invested in private companies, we see
substantial further opportunity for value realisation in the periods ahead."

 

Kailera's announcement can be found here
(https://investors.kailera.com/news-releases/news-release-details/kailera-therapeutics-announces-pricing-initial-public-offering)
.

 

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

 George Shiel

 Duncan Monteith

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

 

***********

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