RTW Biotech Opportunities Ltd is set to acquire the assets of Arix Bioscience plc in a recommended all-share acquisition. The transaction will be carried out through a scheme of reconstruction and the voluntary winding-up of Arix. The combination of Arix's assets with RTW Bio will enhance the latter's position as a leading UK-listed life sciences fund. Shareholders in the combined entity will benefit from potential future value creation through NAV growth, improved secondary market liquidity, and re-rating uplift. Under the proposed terms, each eligible holder of Arix shares will receive 1.4633 new RTW Bio shares in exchange for each Arix share. The exchange ratio values each Arix share at £1.43, representing a premium of approximately 46% to the closing price on 12 July 2023. RTW Bio also plans to acquire a 25.5% interest in Arix from Arix's largest shareholder, Acacia Research Corporation, for £1.43 in cash per Arix share. The completion of the acquisition is subject to regulatory approval and is expected to occur in the first quarter of 2024.