Highlights

  • Evommune completes USD 150 million IPO on NYSE with valuation uplift.
  • Offering price reflects 22% step-up to holding value for RTW Biotech.
  • Evommune accounted for 1.04% of RTW Biotech Opportunities’ NAV at September-end.

RTW Biotech Opportunities Ltd (LSE:RTW), listed on the London Stock Exchange, reported the market debut of its private portfolio company Evommune, Inc. following the completion of its initial public offering on the New York Stock Exchange. The IPO raised USD 150 million, with trading commencing under the ticker EVMN. The announcement reflects a notable revaluation of the asset within the Company’s portfolio but does not alter its relative weighting as of the most recent reporting period.

Evommune offered 9.4 million shares at USD 16 per share, establishing a valuation that represented a 22% step-up from the Company’s holding value and a 102% step-up from the acquisition cost linked to the Arix transaction. On its first trading day, Evommune’s share price closed at USD 20.23, a 26% rise from the IPO pricing. As at 30 September 2025, Evommune comprised 1.04% of the Company’s net asset value (NAV).

Portfolio Context and Asset Overview

The Company invests across life sciences assets with emphasis on identifying opportunities in areas with high medical need and development potential. The update on Evommune’s IPO forms part of a broader pattern of events within its private asset base. The Company noted in previous communications that its portfolio has seen multiple valuation movements linked to transactions involving private holdings.

Evommune is developing treatments for chronic inflammatory and autoimmune conditions. As a clinical-stage biotechnology company, it has two candidates in Phase 2 trials, targeting varying dermatological and inflammatory indications. Its lead compound, EVO756, is currently in mid-stage studies involving chronic spontaneous urticaria and atopic dermatitis. The Company’s disclosure underscores Evommune’s ongoing clinical activities without commenting on expected outcomes.

Valuation Implications and Reporting Notes

The uplift in Evommune’s valuation will reflect in the Company’s NAV reporting cycle in line with standard valuation methodologies for private-to-public transitions. While Evommune’s IPO has generated a step-up relative to the Company’s prior carrying value, it remains a modest contributor based on its 1.04% NAV representation as of the September reporting date.

Share Performance of RTW

RTW shares were trading GBX 1.81 per share, up by 0.56% at the time of writing on 7 November 2025.