IN BRIEF: RTW Biotech lifts NAV on Biogen's $85 million Alcyone deal

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RTW Biotech Opportunities Ltd - Guernsey, Channel Islands-based investor in high-growth life science sectors - Notes Biogen Inc’s agreement announced last Thursday to acquire portfolio company Alcyone Therapeutics Inc for $85 million upfront plus milestone payments. Says the deal represents a 242% uplift on RTW’s $2.1 million carrying value of Alcyone, adding $5.0 million, or around 0.7%, to its August 31 NAV, where Alcyone represented approximately a 0.3% position. Alcyone is developing ThecaFlex DRx, an implantable device for intrathecal delivery of neurological therapies, which Biogen plans to deploy with its marketed drug Spinraza, with a launch targeted in 2028. The transaction its RTW’s second portfolio takeout this year, following Merck & Co Inc’s purchase of Verona Pharma PLC, and says it highlights embedded value in its private holdings.

Current stock price: $1.49, up 0.3% on Tuesday morning in London

12-month change: down 2.3%

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