LEI: 549300Q7EXQQH6KF7Z84

20 April 2026

RTW Biotech Opportunities Ltd

Kailera completes $625 million IPO

·      Second-largest private investment completes upsized IPO

·      Kailera is the biggest-ever biotech IPO, raising total proceeds of $625 million

·      IPO price represents 47% step-up to prior holding value and 49% step-up from cost

·      Kailera's share price closed up 62.5% on first day of trading

·      As at 31 March 2026, Kailera represented 3.5% 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, Kailera Therapeutics, Inc. ("Kailera") regarding the pricing of its $625 million initial public offering ("IPO").

Kailera's IPO raised $625 million (upsized from $500 million) by offering 39 million shares at $16 per share. This valuation represents a 47% step-up from RTW Bio's prior holding value at 31 March 2026 and a 49% step-up from cost. This transaction sets a record as the biggest-ever biotech IPO by total proceeds.

Kailera began trading on the Nasdaq Global Select Market under the ticker "KLRA" on 17 April 2026, where the shares traded up 62.5% to close at $26 on the day. Overall, this first day closing valuation represents a 139% step-up from RTW Bio's prior holding value at 31 March 2026 and a 143% step-up from cost.  Prior to the uplift in value, as at 31 March 2026, Kailera represented 3.5% of RTW Bio's NAV.

Kailera is a clinical-stage biotechnology company focused on elevating the next era of obesity care by progressing a diversified pipeline of medicines for people living with obesity. It has four clinical-stage product candidates leveraging multiple GLP-1-based mechanisms of action. The lead product candidate, ribupatide (KAI-9531), is in global Phase 3 trials as a once-weekly injectable GLP-1/GIP receptor dual agonist.

The successful IPO of Kailera highlights two key features of RTW Bio's investment strategy:

1)    Proven RTW newco creation model: Kailera is a RTW Investments' new company creation, a core tenet of the Investment Manager's strategy. In 2024, RTW Bio (alongside other investment vehicles managed by RTW Investments) co-led Kailera's Series A financing round with Bain Capital Life Sciences. These transactions demonstrate a repeatable ability to identify high-potential science and systematically build differentiated companies around it with dedicated capital, strategic oversight and operational expertise, driving value from inception through to public markets.

2)    Latent value within RTW Bio's private portfolio: Kailera's IPO provides tangible validation of the value both embedded within RTW Bio's private investments and of the Investment Manager's full life cycle investment approach. The associated valuation uplift demonstrates the Investment Manager's ability to generate attractive returns through private company formation and development, while highlighting the significant latent value and future realisation potential across the broader private portfolio. As at 31 March 2026, 24% of RTW Bio's NAV was allocated to private investments (including Kailera).

Rod Wong, CIO of RTW Investments, said, "We're excited for the Kailera team and congratulate them on their successful IPO. Kailera is a great example of our strategy to build great companies around best-in-class assets, also underscoring the strength of our global sourcing platform, including in China, where we have established expertise and networks to access high-quality innovation. Furthermore, the successful public debut of this investment demonstrates the latent value within RTW Bio's private portfolio. With a significant proportion of our NAV invested in private companies, we see substantial further opportunity for value realisation in the periods ahead."

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.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.