LEI: 549300Q7EXQQH6KF7Z84

15 October 2025

RTW Biotech Opportunities Ltd

Kailera Therapeutics announces $600 million Series B financing

RTW Biotech Opportunities Ltd (the "Company" or "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 private portfolio company Kailera Therapeutics, Inc. ("Kailera") on its $600 million Series B financing round.

Kailera is a clinical-stage biopharmaceutical company advancing a broad pipeline of next-generation therapies for the treatment of obesity. Its lead product candidate, KAI-9531 is a novel dual GLP-1/GIP receptor agonist administered via once-weekly subcutaneous injection with potentially best-in-category weight loss. As at 30 September, Kailera represented 4.0% of RTW Bio's NAV. RTW Bio invested $7.4 million as part of the Series B financing round, which represents a 1.4x step-up to the Series A financing round.

The Series B financing round was led by new investor Bain Capital Private Equity. Additional new investors comprise leading mutual funds and investors, including Adage Capital Management LP, Canada Pension Plan Investment Board (CPP Investments), Invus, Janus Henderson Investors, Perseverance Capital, Qatar Investment Authority (QIA), Royalty Pharma, Surveyor Capital (a Citadel company), accounts advised by T. Rowe Price Associates, Inc., and an undisclosed large mutual fund. Kailera's existing investors, Atlas Venture, Bain Capital Life Sciences, RTW Investments, and Sirona Capital, also participated in the round.

The financing will support the advancement of Kailera's leading obesity portfolio, including a global Phase 3 clinical program of KAI-9531. The financing will also advance KAI-7535, an oral small molecule GLP-1 receptor agonist that demonstrated competitive weight loss in a Phase 2 clinical trial in China, to global clinical trials. Kailera completed End-of-Phase 2 meetings with the U.S. Food and Drug Administration and plans to initiate its global Phase 3 program by year-end. Additionally, Kailera continues to progress its earlier stage programs, KAI-4729, an injectable GLP-1/GIP/glucagon receptor tri-agonist, and KAI-9531 formulated as a once-daily oral tablet. Beyond its current pipeline, Kailera has certain rights to new formulations of licenced products and rights of first refusal over selected assets in Hengrui's metabolic disease portfolio

Rod Wong, CIO of RTW Investments, said, "Our further investment in Kailera reflects our strong conviction in the obesity space, where we're seeing growing momentum. Around 40% of RTW Bio's private portfolio exposure comprises companies focused on next-generation obesity treatments and this financing round demonstrates the strong interest in the space and value in our private assets, especially when combined with the recently announced acquisition of Metsera by Pfizer. Kailera's lead program, KAI-9531, is advancing into global Phase 3 trials with data that suggest best-in-category potential. Combined with a broad pipeline and strong execution, Kailera is positioned to be a key player in the next wave of obesity innovation"

Kailera's announcement can be found here.

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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 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.