LONDON: RTW Biotech Opportunities Ltd, the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, announced that Biogen Inc. has entered into a definitive agreement to acquire private portfolio company Alcyone Therapeutics, Inc. (“Alcyone”).
Biogen will acquire Alcyone for an upfront cash payment of $85 million plus certain additional milestone payments. The upfront cash payment represents a 242% uplift on the Company’s $2.1 million carrying value of Alcyone, adding $5.0 million (+0.72%) to the 31 August NAV, where Alcyone represented a 0.31% position. RTW Bio first invested in Alcyone in June 2021.
Alcyone is a clinical-stage biotechnology company focused on paediatric care. Biogen and Alcyone have collaborated since 2023 to develop ThecaFlex DRx™, a device implanted under the skin to deliver antisense oligonucleotides (ASOs). ThecaFlex DRx™ is designed to provide an alternative to repeat lumbar punctures in chronic intrathecal administration of medicines, which could ease both patient experience and accessibility for a broader population of people living with neurologic disorders.
Rod Wong, CIO of RTW Investments, said, “ThecaFlex DRx™ offers a more accessible and less invasive way to deliver neurological therapies and we are thrilled to see Alcyone’s platform advance under Biogen’s stewardship. This acquisition, delivering a 242% uplift to carrying value, highlights the value embedded within RTW Bio’s private portfolio, following Johnson & Johnson’s 2024 acquisition of Numab’s lead asset at a 186% premium to our private holding value. The acquisition of Alcyone is the second takeout event for RTW Bio’s portfolio this year, following Merck’s acquisition of Verona. With biotech M&A deal value at the end of June already surpassing the total for 2024, we expect this to be a vintage year for corporate activity.”