Evommune announces $150 million IPO

LEI: 549300Q7EXQQH6KF7Z84

7 November 2025

RTW Biotech Opportunities Ltd

Evommune announces $150 million IPO

· Private investment Evommune completes IPO on the New York Stock Exchange, raising $150 million

· IPO price represented 22% step-up to holding value and 102% step-up from cost

· As at 30 September, Evommune represented 1.04% of NAV

RTW Biotech Opportunities Ltd (the "Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by one of its private portfolio companies, Evommune, Inc. ("Evommune") regarding its pricing of a $150 million initial public offering ("IPO"). Evommune began trading yesterday on the New York Stock Exchange under the ticker "EVMN".

Evommune's IPO raised $150 million by offering 9.4 million shares at $16 per share. This valuation represents a 22% step-up from the Company's prior holding value and a 102% step-up from the cost at the time of acquisition through the Arix transaction. On the first day of trading, the stock traded up 26% to close at $20.23 per share. As of 30 September 2025, Evommune represented 1.04% of the Company's NAV.

Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases. The Palo Alto-based company has two experimental medicines in Phase 2 trials across a variety of autoimmune conditions. Its lead program, EVO756, is in mid-stage testing for chronic spontaneous urticaria (hives) and atopic dermatitis.

Rod Wong, CIO of RTW Investments, said, "We are excited to see Evommune reach this significant milestone, which we believe will further accelerate its mission to improve patient outcomes and advance novel therapies. Evommune's IPO again demonstrates the latent value potential in our private portfolio, along with the recent acquisitions of Alcyone and Numab at material uplifts to carrying value."

Evommune's announcement can be found here.

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About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwfunds.com/rtw-biotech-opportunities-ltd for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.