Rtw Biotech Opportunities Operating Ltd enter into an agreement to acquire 26.6% stake in Arix Bioscience plc (LSE:ARIX) from Acacia Research Corporation for £47.2 million on November 1, 2023. Under the terms of agreement, Rtw Biotech Opportunities is acquiring 33,023,210 Arix shares from Arix's largest shareholder, Acacia Research Corporation ("Acacia"), representing an approximately 25.5 per cent interest in Arix (the "Acacia Stake") for £1.43 in cash per Arix Share (the "Share Purchase"). In a related transaction, RTW Bio is also acquiring all the assets of fellow London listing Arix Bioscience PLC in exchange for new RTW shares. Immediately following completion of the Share Purchase and Scheme, the eligible holders of ordinary shares in Arix ("Arix Shareholders"), excluding the holders of the Acacia Stake, are expected to hold approximately 38.8 per cent and existing RTW Bio shareholders are expected to hold approximately 61.2 per cent of the pro-forma company.

The Special Committee of directors intend to unanimously recommend that Arix Shareholders vote in favour of the Scheme at the Arix general meetings. The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2024. The transaction is expected to be immediately accretive to RTW Bio NAV per share at completion. Kieran Millar and Ed Peel of Merrill Lynch International acted as financial advisor to Rtw Biotech and Philip Yates, Simon Hardy, and Lee Morton of Jefferies International Limited acted as financial advisor to Arix. BofA Securities, Inc. acted as financial advisor to Rtw Biotech Opportunities Operating Ltd. Katherine Moir of Clifford Chance LLP acted as legal advisor to Arix Bioscience plc.

Rtw Biotech Opportunities Operating Ltd completed the acquisition of a 26.6% stake in Arix Bioscience plc (LSE:ARIX) from Acacia Research Corporation (NasdaqGS:ACTG) for £47.2 million on January 19, 2024.