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Runway Growth Finance Corp. Closes Acquisition of SWK Holdings Corporation and Provides First Quarter 2026 Business and Portfolio Update

RWAY
  • Runway Growth Finance Corp. completed its acquisition of SWK Holdings Corporation on April 6, 2026, to expand healthcare & life sciences exposure.
  • The final purchase price totaled $249.0 million, consisting of $173.5 million in cash & $75.5 million in Runway Growth shares valued at $11.93 per share.
  • Runway Growth Capital LLC contributed an additional $9.0 million in cash consideration to SWK stockholders separate from the merger deal.
  • The transaction expands Runway Growth's pro forma total assets to $1.2 billion.
  • Healthcare & life sciences investments increased from 14% as of December 31, 2025, to approximately 32% of the portfolio following the acquisition.
  • During Q1 2026, the company funded four new investments totaling $17.6 million, including a $7.5 million deal with HR Pharmaceuticals Inc.
  • Runway Growth also secured an additional $46.3 million debt commitment to Dossier (13 Scents Inc.), with partial funding scheduled for Q2 2026.
  • Liquidity events in Q1 2026 generated $19.0 million, including a $15.0 million full repayment from Moximed Inc. & $2.0 million from asset sales of Pivot3 Inc.
  • As of March 31, 2026, the portfolio included 44 debt investments across 32 companies & 71 equity investments across 47 companies.
  • CEO David Spreng returned to the role of Chief Investment Officer immediately, serving alongside CFO Tom Raterman & Patrick Schafer on the Investment Committee.
  • Simpson Thacher & Bartlett LLP served as legal counsel to Runway Growth, while Keefe, Bruyette & Woods acted as lead financial advisor to SWK.