LEI: 549300Q7EXQQH6KF7Z84

28 January 2025

RTW Biotech Opportunities Ltd

Material Update from Portfolio Company

Akero Therapeutics reports unprecedented results showing statistically significant

reversal of compensated cirrhosis due to MASH in Phase 2b study

RTW Biotech Opportunities Ltd (the "Company", "RTW Bio"), 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 an announcement from portfolio company, Akero Therapeutics ("Akero", Nasdaq: AKRO), a clinical-stage company developing transformational treatments for patients with serious metabolic diseases marked by high unmet medical need, including metabolic dysfunction-associated steatohepatitis (MASH).

On 27 January, Akero released preliminary topline results from its Phase 2b study evaluating the efficacy and safety of its lead product candidate, efruxifermin (EFX) in patients with compensated cirrhosis due to MASH. Among patients with baseline and week 96 biopsies, 39% of the 50mg EFX group (p=0.009) demonstrated ≥1 stage improvement in fibrosis with no worsening of MASH, representing a 24% effect size over placebo at 15%. By ITT analysis, with all missing week 96 biopsies treated as failures, 29% of the 50mg EFX group (p=0.031) demonstrated ≥1 stage improvement in fibrosis with no worsening of MASH, representing a 17% effect size over placebo at 12%. With more than a doubling of effect size from weeks 36 to 96 the study underscores the benefit of longer EFX treatment for patients with compensated cirrhosis. EFX is well tolerated with adverse events similar to previously reported EFX trials, most frequently diarrhea, nausea and increased appetite, which were transient in nature. Before these results, no other compound had shown a statistically significant reversal of cirrhosis due to MASH in a clinical trial.

Cirrhosis due to MASH is a high unmet need disease, with an estimated 5-year mortality rate of 50% without a liver transplant. By 2030, an estimated 3 million Americans are projected to have MASH cirrhosis, which is the fastest growing cause of liver transplants and liver cancer in the United States and Europe.

Akero represented 5.2% of NAV as of 31 December. At close of business on 27 January, Akero shares were up +97.5%. Akero's data are important for 89bio (Nasdaq: "ETNB") which is also testing an FGF21 analog in MASH with severe scarring. Data from the Phase 3 ENLIGHTEN-Cirrhosis study of pegozafermin in this population will not come until around 2028. Shares in 89Bio (1.2% of NAV at 31 December 2024) were up +26.2% at close of business.

Roderick Wong, Managing Partner and CIO at RTW Investments, LP, the Investment Manager ("RTW") said, "This is exciting news for patients, as Akero is the first and only company to show it can reverse cirrhosis due to MASH, a disease that can be as deadly as cancer, making it one of most important new therapeutic treatment categories."

The full text of the announcement can be accessed at

https://www.akerotx.com//

For Further Information

About 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 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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