In QuotedData’s morning briefing 19 May 2025:
- RTW Biotech Opportunities (RTW) has highlighted positive preliminary data from a key holding, Rocket Pharmaceuticals (NASDAQ: RCKT), following the biotech company’s presentation at the American Society of Gene and Cell Therapy’s annual meeting. Rocket reported early results from its Phase 1 trial of RP-A601, a gene therapy targeting PKP2 arrhythmogenic cardiomyopathy (PKP2-ACM) – a rare genetic heart condition affecting around 50,000 people in the US and EU. The one-time treatment demonstrated a clean safety profile with no dose-limiting toxicities, increased expression of the PKP2 protein, and early signs of stabilisation or improvement in cardiac function and arrhythmia burden. Rocket, which RTW helped create and has backed since its inception in 2015, accounted for 3.2% of RTW’s NAV as at 30 April. Shares in Rocket jumped 11.1% on the day of the announcement. Rod Wong, RTW’s CIO, called the results an “encouraging” step towards curative therapies for rare cardiac disorders, with further data expected this quarter from Rocket’s programme targeting Danon disease.
- Harmony Energy Income Trust (HEIT) has announced that it is heading into a formal auction process as neither of its competing suitors – Drax and Foresight – has declared its offer as final. This leaves the door open to potential increases or revisions and the formal auction process is aimed at resolving the current situation in an orderly manner. The formal auction process is scheduled for the evening of 21 May 2025 and, in the meantime, the HEIT board is urging shareholders to take no action on the Foresight offer until the outcome of the auction is known. A further announcement is expected shortly after the process concludes, clarifying which bid the board will recommend and outlining the next steps for shareholder meetings. To recap, the bidding process began with Drax’s initial 88.0p per share offer, announced in March (click here to read more), which was trumped in April by a higher 92.4p per share proposal from Foresight Bidco – a vehicle backed by two funds managed by Foresight Group. HEIT’s board promptly switched its recommendation to the Foresight offer and adjourned the meetings to approve Drax’s proposal (click here to read more).
- BBGI Global Infrastructure (BBGI) has provided an update on the level of acceptances received in relation to the recommended 143.3p per share cash offer from Boswell Holdings 3 S.C.Sp. (Bidco), a vehicle indirectly controlled by British Columbia Investment Management Corporation (BCI). As of 16 May, Bidco had received valid acceptances for 12.07% of BBGI’s issued share capital. The offer, which has a deadline of 1pm on 20 May 2025, is conditional on acceptances reaching 90% and, if declared unconditional, BBGI’s listing will be cancelled and an asset sale may be implemented. BBGI has reiterated that shareholders who do not accept the offer risk being left with illiquid, unlisted shares and no guarantee of receiving equivalent value via any subsequent distribution.
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