LEI: 549300Q7EXQQH6KF7Z84

12 August 2026

RTW Biotech Opportunities Ltd

Avere Therapeutics to merge with NextCure Inc.

•      Private portfolio company Avere to go public via reverse merger with NextCure

•      $820 million raised across two private placements to advance lead asset through clinical milestones

•      RTW Bio's fourth reverse merger of 2026

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 note the announcement by private portfolio company Avere Therapeutics ("Avere"), of a $500 million private placement following its previously announced $320 million private placement and the planned merger with public company NextCure Inc. ("NXTC").

The two private placements are each expected to close immediately prior to the completion of the all-stock merger, which is expected to occur by year-end. The combined company will operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX". As of 30 June 2026, following the funding of the first $320 million private placement, Avere represented 0.3% of RTW Bio's NAV. The second private placement of $500 million, in which RTW Bio will also participate, is expected to close by year-end. The total investment by RTW Bio in the first and second private placements is $5.9 million.

Avere is the fourth private portfolio company RTW Bio has brought to public markets via reverse merger in 2026, following Yarrow Bioscience (YARW), Obsidian Therapeutics (OBX), and Serapha Bio (AATD, expected to close 4Q26).

Avere is developing oral therapies for the treatment of IL-23- driven inflammatory diseases. Avere is initially advancing its lead asset, AVR-001, in psoriasis, with potential to expand into multiple indications, including ulcerative colitis, Crohn's disease, and psoriatic arthritis. Proceeds from both private placements are expected to fund AVR-001 through a Phase 2b readout in psoriasis, initiation of a Phase 3 trial in psoriasis, and initiation of a Phase 2b trial in ulcerative colitis. Avere is headed up by the executive team that led previous RTW Bio portfolio company Akero Therapeutics from pre-IPO through its sale to Novo Nordisk for $5.2 billion in December 2025, a position that contributed 3.9% to RTW Bio's NAV in that year.

Rod Wong, CIO of RTW Investments, said, "Avere is a strong example of how we invest across the full life cycle. We are excited to back Andrew Cheng and his team again. AVR-001 has a differentiated profile and the $820 million raised gives Avere ample runway. Avere is the fourth reverse merger announced from RTW Bio's portfolio this year, a capability we have built to take private companies public efficiently."

The 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.