Jade Biosciences, a portfolio company of RTW Biotech Opportunities (RTW), has merged with Nasdaq-listed Aerovate Therapeutics. The combined business will continue under the name Jade Biosciences, Inc. and trade on Nasdaq under the ticker JBIO.
Jade is a privately held biotech firm focused on developing therapies for autoimmune diseases. Its lead candidate, JADE-001, is expected to enter clinical trials in the second half of 2025. The programme targets Immunoglobulin A nephropathy (IgAN) – a chronic autoimmune kidney disease – using an investigational anti-APRIL monoclonal antibody. Initial clinical data are expected in the first half of 2026.
RTW first backed Jade in its seed round in August 2024, and as at 31 March 2025, the position accounted for 0.6% of RTW’s NAV. While relatively small in portfolio terms, the merger underlines RTW’s strategy of identifying early-stage, high-potential assets capable of scaling through the capital markets.
RTW CIO Rod Wong commented that the deal reflects continued portfolio momentum despite wider biotech sector volatility. The merger gives Jade a public listing and the resources to progress its lead asset, potentially positioning the company for significant value creation if clinical milestones are met.
