REG - RTW Biotech Opp. - Monthly Valuation Update and Factsheet

RTW Biotech OpportunitiesAnnouncement

14/05/2025 07:00

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RNS Number : 5224I  RTW Biotech Opportunities Ltd  14 May 2025

LEI: 549300Q7EXQQH6KF7Z84

14 May 2025

 

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly
factsheet as at 30 April 2025 is now available at
https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/) .

 

The Company's unaudited net asset value attributable to its ordinary shares as
at 30 April 2025 was US$1.75 per ordinary share, an increase of +3.3% from the
previous month. This outperformed the Nasdaq Biotech Index (+0.4%) and
underperformed the Russell 2000 Biotech Index (+3.9%). The Company has
delivered +9.7% annualised NAV performance since launch in October 2019.

 

Top Core Positions

 

 Holding      Public / Private  % NAV
 Avidity      Public "RNA"      11.1%
 Corxel       Private           8.0%
 Akero        Public "AKRO"     5.3%
 Artios       Private           5.1%
 Kailera      Private           3.6%
 Rocket       Public "RCKT"     3.2%
 Tarsus       Public "TARS"     3.0%
 Immunocore   Public "IMCR"     2.9%
 Ensoma       Private           2.8%
 RTW Royalty  Private           1.8%

 

Top YTD Core Contributors and Detractors

 

 Holding  % NAV  Return   Contribution
 Akero    9.3%   +63.9%   +2.8%
 Avidity  9.7%   +12.3%   +1.3%
 Urogen   0.5%   +9.3%    +0.2%
 Rocket   2.9%   (39.3%)  (2.1%)
 Cargo    0.4%   (68.3%)  (1.1%)
 Tarsus   5.8%   (6.2%)   (0.7%)

Note: % NAV as at period end.

 

Sector Update

Policy volatility was the key driver of global market performance in April.
The Trump administration's "Liberation Day" package of tariffs saw the VIX
"fear index" spike, global indices tumble and the normal correlation between a
stronger US dollar and lower Treasury yields reversed.  Markets recovered
after most tariffs above 10% were paused for 90 days, despite China's minimum
tariff rate increasing.

 

Pharma tariffs were excluded from the initial tariff package but the
uncertainty impacted sentiment towards the sector as well as concerns over
what changes at the FDA might mean for drug development. FDA concerns receded
a little as the new FDA commissioner, Marty Makary, began to outline his
vision for the agency. In an interview with Inside Medicine, Makary set out an
agenda focused on (i) faster, independent drug approval processes, (ii)
reduced animal testing, (iii) removal of industry influence from advisory
panels, (iv) elimination of harmful food dyes, and (v) public trust and
healthier food for children. Crucially, he ruled out a major reorganisation of
the FDA, instead focusing on internal efficiencies.

 

Despite market volatility and policy uncertainty, some pharmas announced
M&A deals in the month and others announced their intentions for 2025.
Merck KGaA announced the $3.9 billion acquisition of SpringWorks Therapeutics;
Novartis announced the acquisition of Regulus Therapeutics for up to $1.7
billion and Bristol Myers signalled that dealmaking was a top priority in
2025.

 

Portfolio Update

RTW Bio participated in the oversubscribed $155 million Series B financing
round of AIRNA, a private biotech company harnessing advances in genetics to
develop RNA-editing medicines to transform the lives of patients. It is
advancing a robust pipeline of therapeutic candidates that are designed to
provide functional cures for severe or chronic diseases by repairing harmful
genetic variants or introducing beneficial variants to promote optimal health.
AIRNA represented 0.2% of NAV as at month-end.

Jade Biosciences merged with Aerovate Therapeutics and the combined company
now trades on Nasdaq under ticker symbol "JBIO". The company is focused on
developing potentially best-in-class therapies for autoimmune diseases. Jade
Biosciences represented 0.6% of NAV as at month-end.

Artios Pharma announced encouraging data in its ongoing Phase 1/2a study of
lead candidate, ART0380. Artios is a private UK-based pharmaceutical company
whose mission is to develop new classes of medicines that exploit DNA damage
response (DDR) pathways with the aim of improving outcomes for patients with
hard-to-treat cancers. The Company first invested in Artios' Series C round in
2021 and subsequently increased its position significantly when it acquired
the assets of Arix Bioscience in 2024. Artios represented 5.1% of NAV as at
month-end.

 

Enquiries:

 RTW Investments, LP - Investment Manager               +44 (0)20 7959 6361

 Woody Stileman (Business Development)                  biotechopportunities@rtwfunds.com

 Oliver Kenyon (Business & Corporate Development)

 Krisha McCune (Investor Relations)

 Cadarn Capital - PR & IR Partner

 Lucy Clark (PR)                                        +44 (0)7984 184 461 / lucy@cadarncapital.com

 David Harris (Distribution)                            +44 (0)7368 883 211 / david@cadarncapital.com

 Deutsche Numis - Joint Corporate Broker                +44 (0)20 7260 1000

 Freddie Barnfield

 Nathan Brown

 Euan Brown

 BofA Securities - Joint Corporate Broker               +44 (0)20 7628 1000

 Edward Peel

 Alex Penney

 Altum (Guernsey) Limited                               +44 (0)1481 703 100

 Joanna Duquemin Nicolle

 Sadie Morrison

 

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on
identifying transformative assets with high growth potential across the
biopharmaceutical and medical technology sectors. Driven by a long-term
approach to support innovative businesses, RTW Biotech Opportunities Ltd
invests in companies developing next-generation therapies and technologies
that can significantly improve patients' lives. RTW Biotech Opportunities Ltd
is managed by RTW Investments, LP, a leading healthcare-focused
entrepreneurial investment firm with deep scientific expertise and a strong
track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwfunds.com/rtw-biotech-opportunities-ltd
(http://www.rtwfunds.com/rtw-biotech-opportunities-ltd)  for more
information.

 

***********

The information in this announcement may include forward-looking statements,
which are based on the current expectations and projections about future
events, and in certain cases can be identified by the use of terms such as
"may", "will", "should", "expect", "anticipate", "project", "estimate",
"intend", "continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are subject to
risks, uncertainties and assumptions about the Company and/or its underlying
investments, including, among other things, the development of the applicable
entity's business, trends in its operating industry, expected use of financing
proceeds and future capital expenditures and acquisitions. In light of these
risks, uncertainties and assumptions, the events in the forward-looking
statements may not occur.

The information contained in this announcement is given at the date of its
publication (unless otherwise marked). No reliance may be placed for any
purpose whatsoever on the information or opinions contained in this
announcement or on its completeness, accuracy or fairness.

***********

 

 

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