RTW Venture applauds Avidity IPO success – RTW Venture Fund Limited has updated on the IPO of its portfolio company Avidity Biosciences, Inc. on 12 June 2020 on NASDAQ (ticker “RNA”).
Avidity is a biopharmaceutical company pioneering Antibody Oligonucleotide Conjugates to treat a wide range of serious rare diseases. A $100 million Series C round in November 2019 was led by RTW Venture and funds managed by the investment manager. Before the IPO, RTW and these funds owned 14.5% of Avidity. This fell to 9.2% immediately after the IPO.
Avidity’s IPO was significantly oversubscribed, and the deal was upsized, ultimately raising $259.2 million by offering 14.4m shares at $18.00 per share.
At $18, the valuation represented a c.1.8x increase on RTW Venture Fund’s initial investment in 2019. On the first day of trading, Avidity’s share price increased by a further 58% to close at $28.50 per share. RTW bought more shares in the IPO and this company is now about 8% of its NAV (up from 2.2%).
When did this fund come about? Passed me by… nice to learn more about this. Seed portfolio/% of cash etc
Hi Frank, We are catching up with the managers in a few weeks and will write something on it then
Hi Frank, here is a link to the story, as promised. https://quoteddata.com/in-the-press/investment-trust-insider-rtw/