LEI: 549300Q7EXQQH6KF7Z84

1 April 2026

RTW Biotech Opportunities Ltd

Apellis and Centessa to be acquired

·      Apellis to be acquired by Biogen in $5.6 billion deal at 163% premium to prior closing share price

·      Centessa to be acquired by Eli Lilly in $6.3 billion deal at 70% premium to prior closing share price

·      As at 28 February 2026, Apellis represented 1.1% and Centessa represented 0.2% of the Company's NAV respectively

RTW Biotech Opportunities Ltd ("RTW Bio" or "the Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to the note the announcements by two of its public portfolio companies that they will be acquired.

Biogen Inc. ("Biogen", Nasdaq: BIIB) has entered into a definitive agreement to acquire public portfolio company Apellis Pharmaceuticals, Inc. ("Apellis", Nasdaq: APLS). Apellis is a commercial-stage biotech advancing treatments for serious, complement-driven diseases. It has two FDA-approved medicines, EMPAVELI^® for rare immune-mediated kidney diseases and SYFOVRE^® for an immune-mediated retinal disease.

Apellis shareholders will each receive $41 cash per share, a transaction that values Apellis at $5.6 billion. Shareholders will also receive one contingent value right (CVR) for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain sales thresholds being met. The transaction is expected to close in the second quarter of 2026. The acquisition price represents a 163% premium (including CVRs) to Apellis' closing share price on 30 March, prior to the announcement. As at 28 February 2026, Apellis represented 1.1% of the Company's NAV.

Eli Lilly and Company ("Eli Lilly", NYSE: LLY) has entered into a definitive agreement to acquire public portfolio company Centessa Pharmaceuticals plc. ("Centessa", Nasdaq: CNTA). Centessa is a clinical-stage biotech developing a new class of medicines for the treatment of excessive daytime sleepiness and other neurological conditions.

Centessa shareholders will each receive $38 cash per share plus one CVR of up to $9, for total potential consideration of up to $47 per share. The transaction values Centessa at $6.3 billion and is expected to be completed in the third quarter of 2026. The acquisition price represents a 70% premium (including CVRs) to Centessa's closing share price on 30 March, prior to the announcement. As at 28 February 2026, Centessa represented 0.2% of the Company's NAV.

Rod Wong, CIO of RTW Investments, said, "These transactions are our seventh and eighth M&A outcomes since summer 2025, across both commercial-stage and clinical-stage companies, reinforcing the repeatability of our model and the value of our full life cycle approach. We are proud to support innovations that have the potential to significantly impact patient care and create meaningful value for shareholders."

Eli Lilly's announcement can be found here and Biogen'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.rtwbio.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.