- RTW Biotech Opportunities (RTW) provided an update on its intended use of proceeds from its holding in Prometheus Biosciences, Inc., following its acquisition by Merck. The sale resulted in total proceeds of $99.1 million on total invested capital of $8.4 million, representing a 11.8x multiple. RTW plans to split the proceeds across a series of private, core public and other public portfolio investments, royalty financing, and share buy backs. [QD comment: The sale, worth almost $11bn, is the latest sign of a rebound in M&A activity for the sector which has suffered from a wider slow down in deal making over the past year. The move by Merck could indicate a shift towards more aggressive deployment of cash which would benefit the entire biotech sector with valuations still close to cycle lows, particularly for small cap biotech].
- Digital 9 Infrastructure (DGI9) announced that portfolio company Arqiva has successfully refinanced £262 million of its senior debt. The refinancing consisted of £345 million of oversubscribed new issuances, the proceeds of which will be used for the repayment of existing facilities for £262 million and provide Arqiva with an additional £83 million for general corporate purposes.
- Following the recent announcement by Fondul Proprietatea’s (FP) of the IPO of Hidroelectrica, the company has disclosed a pricing and allocation agreement to sell 78,007,110 existing ordinary shares in the IPO.
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