QuotedData’s morning briefing 27 September 2024 – RTW, INPP, ASLI

In QuotedData’s morning briefing 27 September 2024:

  • BioAge Labs, Inc., a portfolio company of RTW Biotech Opportunities (RTW), has completed a US$198m initial public offering (IPO) and is now trading on the Nasdaq Global Select Market under the ticker: BIOA. The company raised the US$198m by offering 11,000,000 shares at US$18.00 per share and, as of market close on the first day of trading, the shares rose 1.7% to US$18.31. As at 31 August 2024, BioAge represented 0.3% of the company’s NAV. BioAge is a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases, such as obesity, by targeting the biology of ageing. RTW says that BioAge’s lead programme, azelaprag, has potential as an oral drug to improve weight loss and restore both body composition and muscle function in patients on obesity therapy with incretin drugs. RTW initially invested in BioAge’s Series D round in February of this year.

  • International Public Partnerships (INPP) has made a partial disposal of its FHSP investment, realising c £30m, with the sale price being in line with its 30 June 2024 valuation. INPP’s FHSP investments are mezzanine debt investments secured against seven operational Public-Private Partnerships (‘P3′) projects, comprising c.21,800 housing units located across the US. The transaction will allow the proceeds to be reallocated towards its existing share buyback programme as well as its near-term investment commitments. The FHSP investments that INPP continues to hold were valued at c.£73m as at 30 June 2024. INPP says that the disposal supports its Board of Directors’ confidence in the its portfolio valuation as well as the belief that optimising the portfolio and reallocating capital should have a positive impact on the discount at which the Company’s shares are trading relative to their net asset value (NAV). This disposal takes realised proceeds over the last 18 months to over £260m representing around10% of the portfolio (by investment at fair value) across digital infrastructure, social infrastructure and energy transmission sectors in the UK and North America. All realisation activity has been in line with, or slightly above, the most recently published valuations.

  • abrdn European Logistics Income (ASLI) says that it is seeing good levels of initial investor interest in its portfolio as its managed wind-down continues. The manager is arranging a number of assets for sale and it seems likely that the company will sell its 25 assets (spread across five countries) in a number of transactions, as opposed to a whole portfolio sale. The update was given in half-year results to 30 June 2024, released today. The unaudited NAV was 89.3 euro cents (GBp – 75.6p), compared with the 93.4 euro cents (GBp – 81.2p) at the end of 2023, reflecting, with the interim dividends declared, a NAV total return of -4.3% in Euro terms (-6.4% in sterling terms). Excluding the accrued costs associated with the realisation of the portfolio, the NAV returns were -0.8% in Euro terms (-2.9% in sterling terms).

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