RTW Biotech Opportunities Ltd on Friday noted that portfolio firm BioAge Labs Inc has completed a $198 million initial public offering.
RTW Biotech is an investment fund, managed by RTW Investments LP, that specialises in acquiring transformative assets across the life sciences sector. BioAge is a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases, such as obesity, by targeting the biology of ageing.
BioAge represented 0.3% of RTW Biotech’s net asset value at August 31.
BioAge raised $198 million by offering 11 million shares at $18.00 per share and will trade on the Nasdaq Global Select Market. Its shares rose 1.7% to $18.31 each on their first day of trading, RTW noted.
Yuantao Li, research associate at RTW Biotech’s investment manager, said: ‘BioAge’s innovative approach to targeting metabolic diseases such as obesity, particularly through their lead product candidate, azelaprag, holds tremendous promise. BioAge’s commitment to developing cutting-edge treatments underscores their dedication to leveraging novel biology to tackle key pathways in metabolic diseases. This IPO represents a pivotal moment for BioAge Labs, and I look forward to witnessing their continued success in developing transformative therapies.’
Shares in RTW Biotech Opportunities were down 0.3% at $1.53 each in London on Friday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
