Life sciences investment company RTW Biotech Opportunities Ltd (LSE: RTW) announced on Wednesday that portfolio company Yarrow Bioscience has completed its merger with VYNE Therapeutics Inc and begun trading on the Nasdaq Global Select Market under the ticker YARW following a USD200m private financing led by RTW Investments, LP.

Yarrow, the seventh new company creation by RTW Investments, is developing YB-101, a potential first-in-class anti-thyroid stimulating hormone receptor antibody targeting Graves' disease and thyroid eye disease. The therapy has received FDA Fast Track Designation, with Phase 2a trial data expected in the second half of 2027.

RTW Bio invested USD5.9m in Yarrow's Series A financing and a further USD2.4m in the PIPE financing completed alongside the merger. Based on Yarrow's first day closing share price on 28 July 2026, RTW Bio recorded a 3.7x multiple on invested capital and a USD20.4m uplift to carrying value, representing a 2.0% increase to 30 June net asset value.