20th Apr 2026 10:32
(Alliance News) - RTW Biotech Opportunities Ltd on Monday noted that US portfolio company Kailera Therapeutics Inc raised a record USD625 million in its upsized initial public offering in New York.
The Guernsey-based investor in the life sciences sector said the Massachusetts-based company, which is developing a portfolio of obesity treatments, began trading on the Nasdaq Global Select Market on Friday last week.
RTW Biotech Opportunities said Kailera offered 39 million shares at USD16 per share in the IPO, generating USD625 million and marking a 47% step-up in valuation from the investment trusts prior holding value at the end of March, and a 49% step-up from cost.
"This transaction sets a record as the biggest-ever biotech IPO by total proceeds," said RTW.
The life sciences investor noted that Kailera's shares gained 63% throughout their first day of trading, ending at USD26 per share.
RTW Biotech Opportunities noted that prior to the IPO and Friday's big rise, Kailera represented 3.5% of its net asset value as at March 31.
Shares in RTW Biotech Opportunities were up 2.5% to USD2.29 on Monday morning in London. Kailera shares were down 0.6% at USD25.84 in pre-market dealings in New York.
"We're excited for the Kailera team and congratulate them on their successful IPO. Kailera is a great example of our strategy to build great companies around best-in-class assets, also underscoring the strength of our global sourcing platform, including in China, where we have established expertise and networks to access high-quality innovation," said Roderick Wong, chief investment officer at RTW Investments.
"The successful public debut of this investment demonstrates the latent value within RTW Bio's private portfolio. With a significant proportion of our NAV invested in private companies, we see substantial further opportunity for value realisation in the periods ahead."
By Christopher Ward, Alliance News reporter
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