REG - RTW Biotech Opp. - Monthly Valuation Update and First Quarter Letter

RTW Biotech OpportunitiesAnnouncement

15/04/2024 07:00

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RNS Number : 5163K  RTW Biotech Opportunities Ltd  15 April 2024

LEI: 549300Q7EXQQH6KF7Z84

15 April 2024

RTW Biotech Opportunities Ltd

Monthly Valuation Update and First Quarter Letter

+0.9% NAV movement for the month

RTW Biotech Opportunities Ltd (the "Company") announces that the unaudited net
asset value attributable to the ordinary shares of the Company at the close of
business on 28th March 2024 (the "NAV") was US$658.6 million, or US$1.95 per
ordinary share, +0.9% from the previous month.

The monthly factsheet and quarterly letter are available on the Company's
website:

 

https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/)

 

 

Highlights from the Manager's quarterly letter:

NAV per share returned +2.7% in the first quarter. The Russell 2000 Biotech
Index and the Nasdaq Biotech Index returned +8.76% and +1.36% respectively.
The NAV per share returns since the sector's recovery began in early November
2023 and since admission in October 2019 are +32.2% and 87.3%, respectively.

There were seven US biotech IPOs in the first quarter versus twelve for the
whole of last year. Public follow-on activity was also strongly up on last
year. Several small acquisitions were announced. This is all suggestive of a
more normal market environment.

The acquisition of Arix Bioscience plc's ("Arix") assets was completed on 12th
February with the Company issuing 181.9m new ordinary shares to Arix
shareholders. The 48.3m shares issued to RTW Bio are expected to be cancelled
at the next AGM. Alongside the transaction, the Company increased its existing
share buyback capacity to $30m to help smooth the transitioning of the
investor base. At the end of Q1, $10m had been executed.

The integration of Arix's portfolio and full valuation of their private
positions was completed in March. We have exited all of Arix's public
positions and invested the proceeds and the acquired cash into our own
positions. The full March valuation of these assets saw a small net uplift on
the February number as Artios, Ensoma and Evommune saw small valuation
increases, offsetting deductions from Depixus, Sorriso and Amplyx.

The additional cash from the Arix acquisition comes at an ideal time. We are
seeing significant opportunities. We have added four new public positions to
the core portfolio: Akero, 89Bio, Urogen and Merus. We have also added three
new private positions: Obsidian Therapeutics, BioAge Labs, and Mirador
Therapeutics.

 

For Further Information

 RTW Investments, LP                                      +44 20 7959 6361
 Woody Stileman, Managing Director, Business Development  biotechopportunities@rtwfunds.com (mailto:biotechopportunities@rtwfunds.com)

 Krisha McCune, Director, Investor Relations

 Buchanan (PR & Communications Adviser)                   +44 20 7466 5107
 Charles Ryland
 Henry Wilson
 George Beale

 Deutsche Numis (Joint Corporate Broker)                  +44 20 7260 1000
 Freddie Barnfield
 Nathan Brown
 Euan Brown

 BofA Securities (Joint Corporate Broker)                 +44 20 7628 1000
 Edward Peel
 Alex Penney

 Cadarn Capital (Distribution & IR Partner)               +44 73 6888 3211
 David Harris

 Elysium Fund Management Limited                          +44 14 8181 0100

 Joanna Duquemin Nicolle, Chief Executive Officer

 Sadie Morrison, Managing Director

 Morgan Stanley Fund Services USA LLC                     +1 914 225 8885

 

About Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW & RTWG) 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
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/)  for more
information.

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The information in this announcement may include forward-looking statements,
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***********

 

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