RTW Biotech Opportunities Ltd on Tuesday noted the proposed sale of a subsidiary belonging to its portfolio company Numab Therapeutics AG.
RTW Biotech is an investment fund, managed by RTW Investments LP, that specialises in acquiring transformative assets across the life sciences sector.
In 2021, the fund first invested in Numab, a Swiss biotech company, and sole owner of its subsidiary Yellow Jersey Therapeutics.
Numab has agreed to sell Yellow Jersey to US pharmaceutical giant Johnson & Johnson for a $1.25 billion cash payment.
Yellow Jersey holds the rights to NM26, a first-in-class, bi-specific antibody targeting two clinically proven pathways in atopic dermatitis, the most common inflammatory skin disease.
The value of RTW Biotech’s position in Numab was estimated to be $4.5 million at May 31, up from $1.6 million at April 30. Official valuations are to be published later this week.
Investment Manager Chris Liu 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 transaction is expected to close in the second half of 2024.
RTW Biotech shares were up 1.6% to 112.80 pence each in London on Tuesday morning.
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