LEI: 549300Q7EXQQH6KF7Z84

30 June 2023

RTW Biotech Opportunities Ltd

Portfolio Company Update: Tourmaline Bio

Tourmaline Bio enters a definitive agreement to merge with Talaris Therapeutics and start trading on Nasdaq

RTW Biotech Opportunities Ltd (the "Company"), a London Stock Exchange-listed investment fund focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by Tourmaline Bio, Inc. ("Tourmaline") that it has entered into a definitive agreement under which Tourmaline will combine with Talaris Therapeutics, Inc. (Nasdaq: TALS) ("Talaris") in an all-stock transaction. The combined company will focus on advancing Tourmaline's lead program, TOUR006, an anti-IL-6 antibody with best-in-class potential for the treatment of thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD). Upon completion of the merger, the combined company will operate under the name "Tourmaline Bio," Inc. and trade on the Nasdaq under the ticker symbol "TRML." Full details of the agreement can be found in the companies' joint announcement here.

Tourmaline Bio is a late-stage clinical biotechnology company driven by its mission to develop transformative medicines that dramatically improve the lives of patients with life-altering immune diseases. This merger and the concurrent $75 million private placement will provide the company with a cash runway through 2026 and support continued development of TOUR006 through multiple clinical trials in TED, ASCVD, and potential additional indications.

RTW Biotech Opportunities Ltd (formerly called "RTW Venture Fund Limited") participated in Tourmaline's $112 million Series A financing round earlier this year.

Roderick Wong, M.D., Managing Partner and Chief Investment Officer at the Investment Manager, said:

"We welcome the combination of these companies, which will provide additional resources to developing Tourmaline's TOUR006 anti-IL-6 antibody. The program has shown great promise for patients with TED and ASCVD and we look forward to our continued partnership with Tourmaline and its leadership team as they continue to advance TOUR006 through their Phase 2 development program."

For Further Information:

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities (LSE: RTW & RTWG) is an investment fund focused on identifying transformative assets with high growth potential across the life sciences sector. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities 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 RTW website at www.rtwfunds.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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