Kailera Therapeutics, Inc (KLRA)., a portfolio company of London-listed RTW Biotech Opportunities Ltd, completed a $625 million initial public offering that set a record as the largest-ever biotech IPO by proceeds, RTW Bio said on Monday.
The company said that the IPO was upsized from $500 million, with 39 million shares priced at $16 each. That valuation marked a 47 percent increase from RTW Bio's carrying value as of March 31 and a 49 percent gain on cost.
Kailera began trading on the Nasdaq under ticker 'KLRA' on April 17. Shares closed the first day up 62.5 percent at $26, pushing the valuation uplift to 139 percent versus RTW Bio's March 31 holding value and 143 percent versus cost.
Before the IPO, Kailera made up 3.5 percent of RTW Bio's NAV.
RTW Bio said the deal underscores two parts of its strategy: its "newco creation" model and the value in its private portfolio. RTW Investments co-led Kailera's 2024 Series A with Bain Capital Life Sciences. As of March 31, 24 percent of RTW Bio's NAV was allocated to private investments, including Kailera.
On the Nasdaq, shares of Kailera were losing 0.04 percent after hours at $25.99, after closing Friday's regular trading 62.50 percent higher at $26.00
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