Arix Bioscience looks to boost the cutting edge of biotech
Last updated: 04:58 01 Nov 2023 EDT, First published: 08:30 30 Apr 2021 EDT
Snapshot
- Arix jumps as RTW Biotech agrees to buy assets
About the company
Arix Bioscience is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting edge advances in life sciences.
The company collaborates with exceptional entrepreneurs and provide the capital, expertise and global networks needed to help accelerate their ideas into important new treatments for patients.
As a listed company, it aims to bring this growth phase of the industry to a broader range of investors.
How it is doing
Shares in Arix Bioscience PLC (LSE:ARIX) surged higher after RTW Biotech Opportunities Ltd (LSE:RTWG) announced plans to acquire its assets.
The transaction arrives on the heels of a strategic review begun by Arix in July due to unfavourable market conditions.
The acquisition by RTW aims to create a pro-forma entity with a net asset value of approximately US$550 million – a rise of 63% on the current level.
This deal enhances RTW Bio's liquidity, efficiency, and re-rating potential while providing Arix shareholders with an implied premium of 46% on their shares. Additionally, the arrangement is expected to be immediately accretive to RTW Bio's net asset value per share upon completion.
Arix Bioscience PLC (LON:ARIX), the early-stage biotech investor, has updated on the progress of four of its portfolio companies following the ASCO and other events.
Imara Inc (NASDAQ: IMRA, 5.7% Arix holding) presented data from the Phase 2a clinical trial and its open-label extension (OLE) trial of IMR-687 in adults with sickle cell disease at the European Hematology Association (EHA) Annual Congress.
Arix Bioscience PLC (LON:ARIX) updated investors on the outcome of its strategic review and unveiled a number of board changes.
The biotech-focused venture capital firm said it has completed its stakeholder engagement and “now has a clear understanding of shareholder views”, which it said will enable it to implement its strategy more effectively.