Company: SWKH
Filing Date: 2025-10-10
Form Type: 425
Source: 0001104659-25-098795
Chunk: 1

Company: SWK Holdings Corp
Filing Date: 2025-10-10
Form: 425
Chunk 1
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 investment income projections of the combined company, the ability of Runway Growth Capital LLC to implement its future plans with respect to the combined company, market conditions, changing economic conditions, and other factors we identify in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions can be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this call are made as of the date hereof, and Runway Growth Finance assumes no obligation to update the forward-looking statements or subsequent events. To obtain copies of SEC-related filings, please visit our website.

With that, I will turn the call over to David.

David Spreng, CEO

Thank you, Quinlan, and thanks, everyone, for joining us as we discuss the exciting announcement that Runway has entered into a definitive merger agreement to acquire SWK Holdings, a specialty finance company with a focus on healthcare and life sciences. SWK provides minimally dilutive financing to small- and mid-sized commercial-stage healthcare companies. For those of you tuning in on the webcast, we have prepared some slides to accompany this presentation.

Starting with slide three in our investor materials, I will provide a brief overview of the transaction and the significance of adding SWK’s investments to our portfolio, and then I will turn it over to Jody Staggs, President and CEO of SWK, to provide additional background on the company.

At a high level, Runway’s acquisition of SWK will immediately increase our portfolio by approximately $242 million (based on our view of the estimated fair value of SWK’s portfolio as of August 15, 2025). The addition of this portfolio will also serve to increase immediately our exposure to healthcare and life sciences. This milestone advances the objectives we have previously articulated, which include:

| 1. | Optimizing                                      
 our portfolio through diversification and scale |

| 2. | Expanding                                                           
 in attractive industry sectors such as healthcare and life sciences |

| 3. | Capitalizing                                                                                 
 on the benefits of access to the broader BC Partners Credit platform, which was instrumental 
 in sourcing this acquisition opportunity                                                     |

| 4. | Increasing                                                          
 NII levels to ensure consistency in our capital allocation strategy |

2

Turning to slide four in the presentation, we’ve outlined the transaction terms. As announced in the press release