C4 Therapeutics Prices $182 Million IPO

LEI: 549300Q7EXQQH6KF7Z84

05 October 2020

RTW Venture Fund Limited

Portfolio Company Update: C4 Therapeutics IPO

C4 Therapeutics Prices $182 Million IPO

RTW Venture Fund Limited (the "Company" or "RTW Venture Fund"), 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 its portfolio company C4 Therapeutics, Inc. ("C4T") on 01 October 2020 of its pricing of a $182.4 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under the ticker "CCCC".

C4T is a US‐based biotech company pioneering a new class of small molecule drugs that selectively destroy disease‐causing proteins via degradation using the innate machinery of the cell. C4T has a robust pre‐clinical pipeline in oncology and is expecting to file its first Investigational New Drug application ("IND") by the end of 2020, with the goal of bringing four drug candidates into clinical trials by the end of 2022.

The Company and affiliated funds managed by RTW Investments, LP (the "Investment Manager") participated in a $170 million financing round in June 2020.

C4T's IPO was significantly upsized and oversubscribed, raising $182.4 million, offering 9.6 million shares at $19.00 per share.  On the first day of trading, C4T's share price increased by 34.2% to close at $25.49 per share.

Stephanie Sirota, Chief Business Officer of the Investment Manager and Director of the Company, said:

"We are pleased with C4T's successful IPO and look forward to remaining a reliable partner to the company post‐IPO in its efforts to bring best‐in‐class targeted protein degradation‐based therapies for patients in need.

RTW is a full life cycle investor ranging from incubation of new companies, mid‐stage venture to pre‐IPO and public markets investing. As a specialist investor focused on disruptive innovations in biotech and medical technologies, we have a view into the most promising ideas from our research‐led internal idea generation process. We are excited to see now five of our portfolio companies successfully IPO this year, showcasing RTW Venture Fund's investment strategy at work. We are looking forward to updating our shareholders on future catalysts of our portfolio companies in due course."

C4T's IPO pricing announcement can be accessed on its website at: www.c4therapeutics.com and full text of the announcement is contained below.  

For Further Information

RTW Investments, LP                                     +1 (646) 343 9280

Stephanie Sirota, Chief Business Officer

Alexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Business Development Associate 

Buchanan                                                          +44 (0)20 7466 5107

Charles Ryland

Henry Wilson 

About RTW Venture Fund Limited:

RTW Venture Fund Limited (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 Venture Fund invests in companies developing next‐generation therapies and technologies that can significantly improve patients' lives.

RTW Venture Fund Limited is managed by RTW Investments, LP, a leading US healthcare investment firm with deep scientific expertise and a strong track record of supporting companies developing life‐changing therapies.

Visit the RTW website at www.rtwfunds.com for more information.

C4 Therapeutics Announces Pricing of an Upsized Initial Public Offering

WATERTOWN, Mass., Oct. 01, 2020 (GLOBE NEWSWIRE) ‐‐ C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a biopharmaceutical company pioneering a new class of small‐molecule drugs that selectively destroy diseasecausing proteins through degradation, today announced the pricing of its upsized initial public offering of 9.6 million shares of common stock at a public offering price of $19 per share, before underwriting discounts and commissions, for gross proceeds of $182.4 million. All shares of common stock are being offered by C4T. The shares are expected to begin trading on the Nasdaq Global Market on October 2, 2020, under the symbol "CCCC." The offering is expected to close on October 6, 2020, subject to the satisfaction of customary closing conditions. Additionally, C4T has granted the underwriters a 30‐day option to purchase up to an additional 1.44 million shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Jefferies, Evercore ISI, BMO Capital Markets and UBS Investment Bank are acting as joint book‐running managers for the offering.

A registration statement relating to these securities became effective on October 1, 2020. The offering will be made only by means of a prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821 7388, or by email at [email protected]; or from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, or by telephone at (888) 474 0200, or by email at [email protected]; or from BMO Capital Markets Corp. at 3 Times Square, 25th Floor, New York, NY 10036, Attention: Equity Syndicate Department, or by telephone at (800) 414‐3627, or by email to [email protected]; or from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by telephone at (888) 827‐7275, or by e‐mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About C4 Therapeutics

C4 Therapeutics, Inc. (C4T) is a biopharmaceutical company focused on harnessing the body's natural regulation of protein levels to develop novel therapeutic candidates to target and destroy disease‐causing proteins for the treatment of cancer, neurodegenerative conditions and other diseases.

Forward Looking Statements

This press release includes certain disclosures that contain "forward‐looking statements," including, without limitation, statements regarding C4T's expectations regarding the commencement of trading of its shares on the Nasdaq Global Market, the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward‐looking statements are based on C4Ts current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development and clinical trials. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" set forth in C4T's filings with the Securities and Exchange Commission. Forward‐looking statements contained in this announcement are made as of this date, and C4T undertakes no duty to update such information except as required under applicable law.

Media Contact: Caroline Rufo, Ph.D. MacDougall 781‐235‐3060 [email protected]  IR Contact: Josh

Rappaport Stern Investor Relations, Inc. 212‐362‐1200 [email protected]