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RTW Venture’s iTeos holding IPOs at a 1.8x multiple to fund’s investment

RTW Venture Fund (RTW), an investment company focused on identifying assets with high growth potential across the life sciences sector, noted the announcement by portfolio company, iTeos Therapeutics (iTeos), on 23 July of its pricing of a $201.1m IPO and admission to trade on NASDAQ.

A clinical-stage biotechnology company – oversubscribed IPO values iTeos at 1.8x RTW’s initial investment

iTeos is a clinical-stage biotechnology company developing innovative cancer immunotherapies . RTW and funds managed by RTW Investments, LP (RTW’s manager) participated in a $125m Series B2 round in March 2020.

RTW notes that iTeos’ IPO was significantly oversubscribed, raising $201.1m by offering 10.5m shares at $19.00 per share.

The valuation of iTeos at IPO was a 1.8x multiple of the investment made by the company in March 2020.

Stephanie Sirota, chief business officer of RTW’s manager, noted: “We look forward to continue supporting iTeos, now a publicly-traded company, and its clinical development progress of novel immunotherapies for cancer patients. The IPO is a significant milestone for iTeos and we are delighted with their accomplishment. RTW is a full life cycle investor ranging from new company creation to mid-stage venture and public markets investing. In line with our strategy, we will seek to maintain exposure to highly attractive and successful portfolio companies such as iTeos post-IPO.”

RTW: RTW Venture’s iTeos holding IPOs at a 1.8x multiple to fund’s investment

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