Company: SWKH
Filing Date: 2025-10-10
Form Type: 425
Source: 0001104659-25-098795
Chunk: 3

Company: SWK Holdings Corp
Filing Date: 2025-10-10
Form: 425
Chunk 3
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 quality names in SWK’s core competencies, while remaining in Runway’s target investment range of $20 million to $45 million.

The SWK team brings over 20 years of investing experience and we have constructed this portfolio for attractive risk-adjusted returns. We look forward to working with the Runway team as we capitalize on attractive financing opportunities in the healthcare and life sciences industries to the benefit of Runway’s shareholders.

With that, I’d like to turn the call over to Greg to provide a deeper look at how this merger will benefit our joint portfolio.

3

Greg Greifeld, CIO

Thanks, Jody. Turning to slide six in the presentation, I will discuss the pillars shaping the strategic rationale for the transaction, taking a closer look at the first three pillars, before turning the call over to Tom to discuss the final pillar.

First, on slide seven, this transaction expands Runway’s position and investment capabilities in the healthcare and life sciences sector. As David and Jody touched on, SWK’s focus on healthcare and life sciences will expand Runway’s exposure in this market. For background, our adviser, Runway Growth Capital, has been investing in the sector since 2020, and as of June 30, 2025, healthcare and life sciences made up 14% of our overall portfolio. Through this acquisition, this percentage will increase to approximately 31% of the portfolio.

We continue to believe healthcare and life sciences is a compelling opportunity with high barriers to entry given the time and investment needed for FDA approvals, combined with limited downside risk and excellent risk adjusted returns.

Turning to the second pillar outlined on slide eight, this transaction drives Runway’s portfolio scale and diversification through a high quality, complementary portfolio. The transaction will expand Runway’s balance sheet to $1.3 billion in total assets on a pro forma basis and add quality names to our portfolio. This moves us toward our previously stated objective of increased diversification and an improved risk profile with smaller loan positions.

Third, on slide nine, this transaction positions Runway to execute on organic and inorganic growth initiatives. As part of the BC Partners Credit ecosystem, we have achieved organic growth by enhancing our financing solutions, expanding our origination channels, and augmenting our access to capital. With the acquisition of SWK, we have a repeatable blueprint that is non-dilutive to shareholders for future deals in the venture and growth investment ecosystem. We believe this acquisition demonstrates that Runway is a destination of choice for growth investment and