Tekla Capital Management LLC Announces Closing of Transaction With abrdn

HQH, HQL, THQ, THW

Tekla Capital Management LLC (Tekla) announced today that it has completed the sale of its advisory business to abrdn Inc. In addition, effective close of regular business, abrdn was approved as manager to four NYSE listed healthcare and biotech thematic closed-end funds, totaling $2.8 bn in assets under management (AUM) as of October 26, 2023.

In connection with the transaction, the Tekla team previously responsible for the management of the Funds has joined abrdn to form abrdn’s healthcare and life sciences investment team.

The Funds will continue to be managed in accordance with their existing investment objectives and strategies, by the same team of Boston-based investment professionals pursuing the same investment philosophy and employing the same investment process that has served the Funds well through the years. Effective November 2, 2023, the Funds will commence trading on the NYSE under the new fund names:

The Funds and their shareholders will benefit from abrdn’s expertise as a global investment firm with 2,344 investment professionals and anticipated expense savings as a result of abrdn’s scale and resources. abrdn is a leader in closed-end funds, with $31.1 billion* in US and UK listed closed-end funds under management. [2]

About abrdn

abrdn is a global investment company that helps clients and customers plan, save and invest for the future. abrdn’s purpose is to enable its clients to be better investors. abrdn manages and administers £496bn of assets for clients (as at 30 June 2023). abrdn is structured around three businesses – Investments, Adviser and Personal – focused on their changing needs. The capabilities in abrdn’s Investments business are built on the strength of its insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge. abrdn’s teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs. As at 30 June 2023, abrdn’s Investments business manages £368bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices. For more information, please visit www.abrdn.com.

[1] As of June 16, 2023

[2] As of 17 July 2023

© 2023 Tekla Capital Management LLC | All rights reserved | Legal Disclaimer

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that are, in some cases, beyond a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

There can be no assurance that any closed-end fund will achieve its investment objective(s). Past performance does not guarantee future results. The net asset value of any closed-end fund will fluctuate with the value of the underlying securities. Historically closed-end funds have often traded at a discount to their net asset value. A fund’s distribution rate and income amounts reflect past amounts distributed and may not be indicative of future rates or income amounts. Distribution rates and income amounts can change at any time.

Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information, please contact your marketing and distribution agent, Destra Capital Advisors LLC, at 877.855.3434.

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE

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