Portfolio Company Numab Therapeutics Update

LEI: 549300Q7EXQQH6KF7Z84

11 June 2024

RTW Biotech Opportunities Ltd

Acquisition by J&J of Portfolio Company Numab Therapeutics

RTW Biotech Opportunities Ltd (the "Company"), a 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 on 28^th May by one of its portfolio companies, Numab Therapeutics AG ("Numab"), of the proposed acquisition of its wholly-owned subsidiary, Yellow Jersey Therapeutics, by Johnson & Johnson ("J&J") for $1.25 billion in cash. Yellow Jersey Therapeutics holds the rights to Numab's NM26, a first-in-class, bi-specific antibody targeting two clinically proven pathways in atopic dermatitis, the most common inflammatory skin disease.

The Company first invested in Numab's Series C in May 2021. The value of the position at the 31^st May NAV, to be published later this week, is estimated to be $4.49m, compared to $1.57m at 30^th April, the last published NAV prior to the transaction. The change in valuation is on a risk-adjusted basis to account for uncertainties with respect to closing and post-closing considerations. The transaction is expected to close in the second half of 2024.

Chris Liu, PhD, Senior Research Analyst at the Investment Manager, said, "This transaction underscores the growing significance of innovative bi-specific antibodies in addressing complex medical needs. It also demonstrates large pharma's strategic interest in immunology assets driven in part by validated mechanisms of action and large market opportunities at a time when patent cliffs will soon start to bite."

The full text of these announcements can be accessed on Numab's and J&J's websites: https://numab.com/ and https://www.jnj.com/

For Further Information:

About Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW & RTWG) 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.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

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