LEI: 549300Q7EXQQH6KF7Z84

12 January 2026

RTW Biotech Opportunities Ltd

Aktis announces $318 million IPO

·      First biotech IPO of 2026

·      IPO price represented 12.6% step-up to holding value and 18.3% step-up from cost

·      As at 30 November, Aktis represented 0.6% 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, Aktis Oncology, Inc. ("Aktis") regarding the pricing of its $318 million initial public offering ("IPO").

Aktis' IPO raised $318 million by offering 17.65 million shares at $18 per share. This valuation represents a 12.6% step-up from RTW Bio's prior holding value at 30 November 2025 and a 18.3% step-up from the cost at the time of purchase in September 2024. Aktis began trading on the Nasdaq Global Select Market under the ticker "AKTS" on 9 January 2026, where the stock traded up 24.4% to close at $22.40 per share.  As of 30 November 2025, Aktis represented 0.6% of the RTW Bio's NAV.

Aktis is a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations. Its lead programme targets Nectin-4, a miniprotein radioconjugate with multi-indication potential across multiple tumour types.

Rod Wong, CIO of RTW Investments, said, "We are thrilled to have supported the first biotech IPO of the year, which marks a significant milestone for Aktis and for the field of targeted radiopharmaceuticals. Aktis' rapid progress reflects the transformative potential we seek in our portfolio companies and underscores our commitment to identifying and supporting assets that drive meaningful advances in patient care."

Aktis' 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.