17th Apr 2023 12:34
RTW Venture Fund Ltd - investment company focused on the life sciences sector - Notes that its largest holding, California-based biotech company Prometheus Biosciences Inc, is acquired by pharmaceutical firm Merck & Co Inc. Merck buys Prometheus for nearly USD10.8 billion, USD200 per share in cash. Prometheus's share price was at USD114.01 when the New York Stock Exchange closed on Friday, so the price represents a 75% premium. RTW says Prometheus is the largest holding in RTW Venture Fund's portfolio, accounting for around 15% of its net asset value at the end of March. "As such, the company expects that this will translate into a material accretion to the NAV," it says. Read More
