27th Sep 2024 12:19
(Alliance News) - RTW Biotech Opportunities Ltd on Friday noted that portfolio firm BioAge Labs Inc has completed a USD198 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 USD198 million by offering 11 million shares at USD18.00 per share and will trade on the Nasdaq Global Select Market. Its shares rose 1.7% to USD18.31 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 USD1.53 each in London on Friday morning.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.