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

RTW Biotech OpportunitiesAnnouncement

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RNS Number : 2251E  RTW Biotech Opportunities Ltd  14 May 2026

LEI: 549300Q7EXQQH6KF7Z84

14 May 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 30 April 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 30 April 2026 was US$2.59 per share, an increase of +7.0% from the previous
month vs +0.4% for the Nasdaq Biotech Index and +3.7% for the Russell 2000
Biotech Index. The Company has delivered +14.5% annualised NAV per ordinary
share performance since launch in October 2019.

 

Top 10 Positions

 Holding      Public / Private  % NAV
 Kailera      Public "KLRA"     7.5%
 CG Oncology  Public "CGON"     6.1%
 Corxel       Private           5.5%
 argenx       Public "ARGX"     5.2%
 Stoke        Public "STOK"     5.1%
 UroGen       Public "URGN"     4.9%
 PTC          Public "PTCT"     4.5%
 Oruka        Public "ORKA"     4.5%
 Celcuity     Public "CELC"     4.3%
 Tango        Public "TNGX"     3.3%

 

Top YTD Contributors and Detractors

 Holding  % NAV  Contribution
 Kailera  7.5%   +4.8%
 Spyre    3.3%   +2.1%
 Oruka    4.5%   +1.8%
 PTC      4.5%   (1.8%)
 Erasca   2.5%   (1.1%)
 Insmed   2.3%   (0.9%)

Note: % NAV as at period end reflects gross economic exposure as a percentage
of NAV.

 

COMPANY UPDATE

RTW Bio continued to make market purchases of its Ordinary Shares under the
authority granted by shareholders at its Annual General Meeting in June 2025.
RTW Bio has repurchased 9.5 million shares (equivalent to
$15.3 million), over the twelve months to 30 April 2026. The discount to
NAV at which RTW Bio's Ordinary Shares trade has closed from 32.5%
to 17.0% over the same period.

SECTOR UPDATE

Capital markets and M&A activity accelerated sharply in the year to
end-April, even as sector outflows reached c. $2 billion 2026 YTD. Follow-on
issuance totalled $17 billion across 92 deals, versus $5 billion across 35
deals in the same period last year. IPO volumes tripled, with 10 offerings
raising $3.3 billion compared to five raising $1 billion through the same
point in 2025. Q1 M&A totalled $40 billion across 11 transactions, up from
$26 billion across 12 deals in Q1 2025, reflecting both higher deal values and
continued strategic appetite from large-cap pharma. Notably, Metis Techbio, a
Chinese AI-driven drug discovery company, completed the most covered Hong Kong
IPO of the year.

Earnings season was broadly positive, with the strongest results coming from
commercial-stage companies with momentum behind their launches, including
several in RTW Bio's portfolio. A recurring theme on pharma earnings calls
was AI's role in compressing development timelines, with management teams
pointing to preclinical cycles running 50% faster and overall development
timelines potentially 30% shorter within one to two years.

Reports emerging after the end of April suggest FDA Commissioner Marty
Makary's tenure may be drawing to a close. Having arrived with a
pro-innovation agenda that was broadly welcomed by the sector, his time at the
agency has been marked by a widening gap between ambition and execution. The
sector's focus remains firmly on ensuring the administration's stated
commitment to regulatory flexibility and pro-innovation policy translates into
practice.

ASCO takes place in Chicago this May, bringing together more late-stage
oncology data from biotech companies than any recent edition. Much of this
reflects a structural shift in where innovation is happening. The Inflation
Reduction Act's differential pricing timelines for small molecules versus
biologics redirected capital toward ADCs, bispecifics, cell therapies and
other advanced modalities, many of which were funded pre-2022 and are now
reaching pivotal readouts simultaneously. The result is an unusually rich
pipeline across historically difficult indications, including pancreatic
cancer, second-line breast cancer and bladder cancer, where even modest
efficacy gains can be practice-changing. Oncology is RTW Bio's largest
exposure to a single therapeutic area. You can read more about RTW's views
on this year's conference - "Why This Moment in Oncology Matters
(https://www.rtwfunds.com/thought-leadership/asco-intelligence-1-asco-2026-why-this-moment-in-oncology-matters/)
" - on RTW's "Thought Leadership
(https://www.rtwfunds.com/thought-leadership/) " page.

PORTFOLIO UPDATE - APRIL

On 14 April, public biotech Galera Therapeutics announced a reverse merger
with private portfolio company Obsidian Therapeutics, alongside a $350 million
private placement in which RTW Bio also participated. The deal is expected
to close in Q3 2026, with the combined company trading on Nasdaq under the
ticker "OBX". As at 30 April 2026, Obsidian represented 0.2% of RTW Bio's
NAV.

Kailera Therapeutics, RTW Bio's second largest private holding, went public
on Nasdaq on 17 April 2026, raising $625 million (subsequently upsized to
$719 million) in the largest biotech IPO on
record. Kailera's shares closed up 62.5% on debut, a 139% step-up from RTW
Bio's 31 March carrying value and 143% from cost. As at 30 April
2026, Kailera represented 7.5% of RTW Bio's NAV.

 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.

 

***********

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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