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

RTW Biotech OpportunitiesAnnouncement

13/03/2026 07:00

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RNS Number : 4913W  RTW Biotech Opportunities Ltd  13 March 2026

LEI: 549300Q7EXQQH6KF7Z84

13 March 2026

 

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly
factsheet and commentary as at 28 February 2026 is now available at
https://www.rtwbio.com/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 28 February 2026 was US$2.41 per share, an increase of +1.7% from the
previous month vs +8.3% for the Nasdaq Biotech Index and -0.2% for the Russell
2000 Biotech Index. The Company has delivered +13.6% annualised NAV per
ordinary share performance since launch in October 2019.

 

Top 10 Positions

 Holding      Public / Private  % NAV
 PTC          Public "PTCT"     10.7%
 Stoke        Public "STOK"     6.1%
 Corxel       Private           5.9%
 argenx       Public "ARGX"     5.4%
 UroGen       Public "URGN"     4.8%
 Kailera      Private           3.5%
 Insmed       Public "INSM"     3.4%
 Celcuity     Public "CELC"     3.0%
 CG Oncology  Public "CGON"     2.8%
 Immatics     Public "IMTX"     2.8%

 

Top YTD Contributors and Detractors

 Holding      % NAV  Contribution
 Stoke        6.1%   +0.8%
 Evommune     2.0%   +0.8%
 CG Oncology  2.8%   +0.5%
 PTC          10.7%  (1.3%)
 Insmed       3.4%   (0.6%)
 argenx       5.4%   (0.6%)

Note: % NAV as at period end based on economic exposure.

 

SECTOR UPDATE

Biotechnology indices outperformed broader equity markets in February and are
outperforming year-to-date. The move appears to reflect a rotation away from
mega-cap growth and AI-exposed tech names in favour of a more diversified
group of sectors including healthcare. Furthermore, declining long term yields
supported biotech companies, given their long-duration cash flow profile.
Together, these dynamics have begun to re-engage generalist investors who had
remained underweight in the space for the past several years.

Capital markets activity has remained constructive. Year-to-date, 46 biotech
transactions totalling more than $8 billion have been completed, including six
IPOs. Approximately two thirds of IPOs year-to-date are trading above offer
price, a marked improvement versus early 2025, when issuance was more muted
and aftermarket performance less durable. The tentative reopening of the IPO
window and improved follow-on performance reflect a gradual normalisation of
risk appetite and improving institutional participation.

M&A activity also remained robust in February, with two announced
transactions: Eli Lilly's acquisition of private RNA therapeutics company Orna
Therapeutics for up to $2.4 billion and Gilead's $7.8 billion acquisition of
Arcellx, a post-Phase 2 oncology company. Year-to-date, five acquisitions
totalling up to $14 billion have been announced. The Arcellx transaction
reinforces continued large-cap appetite for validated clinical-stage assets.
The sustained pace of deal activity underscores the need for pipeline
replenishment across large biopharma with impending material patent cliffs.

PERFORMANCE  UPDATE

Relative underperformance during the month was concentrated in our
commercial-stage therapeutics holdings, reflecting mark-to-market pressure
rather than evidence of permanent impairment. Winter prescription dynamics,
including annual copay resets and periods of severe weather, weighed on
prescription volumes across parts of the portfolio. However, we believe this
seasonal softness was consistent with prior years and does not alter the
underlying demand trajectory. We remain optimistic on our commercial
portfolio, where launch trajectories and underlying fundamentals continue to
progress favourably despite near-term volatility.

Within our clinical portfolio, we maintain a robust catalyst calendar for
2026, with multiple value-inflecting events ahead. We believe this positions
the portfolio well to benefit from continued strategic activity and improving
risk appetite across development-stage biotechnology.

 Enquiries:

 RTW Investments, LP - Investment Manager   +44 (0)20 7959 6362

 Oliver Kenyon                              biotechopportunities@rtwfunds.com

 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

 Nathan Brown

 George Shiel

 Duncan Monteith

 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.rtwbio.com (http://www.rtwbio.com)  for more
information.

 

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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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