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

RTW Biotech OpportunitiesAnnouncement

14/10/2025 07:00

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RNS Number : 1852D  RTW Biotech Opportunities Ltd  14 October 2025

LEI: 549300Q7EXQQH6KF7Z84

14 October 2025

 

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly
factsheet and third quarter update as at 30 September 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 September 2025 was US$2.12 per share, an increase of +7.5% from the
previous month vs +4.3% for the Nasdaq Biotech Index and +11.0% for the
Russell 2000 Biotech Index. The Company has delivered +12.5% annualised NAV
per ordinary share performance since launch in October 2019.

 

Top 10 Positions

 Holding   Public / Private  % NAV
 PTC       Public "PTCT"     10.6%
 Corxel    Private           7.4%
 Avidity   Public "RNA"      7.0%
 UroGen    Public "URGN"     5.3%
 Stoke     Public "STOK"     4.5%
 Kailera   Private           4.0%
 UniQure   Public "QURE"     3.6%
 Akero     Public "AKRO"     3.4%
 Tarsus    Public "TARS"     2.4%
 Verastem  Public "VSTM"     2.3%

 

Top YTD Contributors and Detractors

 Holding  % NAV  Contribution
 Avidity  7.0%   +4.2%
 UniQure  3.6%   +3.8%
 UroGen   5.3%   +3.5%
 Rocket   1.1%   (4.0%)
 Artios   1.9%   (2.9%)
 Dyne     0.0%   (1.9%)

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

 

Company Update

On 11 September, RTW Bio released its interim results to 30 June and held an
investor webinar, presented by Rod Wong and Woody Stileman. The interim
results, presentation, and webinar recording can all be found on RTW Bio's
website.

Earlier in the year, FTSE Russell announced that securities trading in non-GBP
currencies would be eligible for index inclusion following the September
quarterly review. RTW Bio's Ordinary Shares were duly included in the FTSE
All-Share Index from the opening of trading on 22 September. We believe index
inclusion is likely to enhance RTW Bio's exposure to investors, develop
greater UK and international investor awareness of RTW Bio, and provide
increased long-term access to capital.

Performance Update

Over the third quarter, RTW Bio's NAV per share returned 25.0% vs 26.5% for
the Russell 2000 Biotech Index and 15.4% for the Nasdaq Biotech Index. Year to
date, RTW Bio's NAV per share has returned 17.5% vs. 12.1% for the Russell
2000 Biotech Index and 13.2% for the Nasdaq Biotech Index.

The Company's NAV per share has delivered an annualised return of 12.5% per
annum since launch on 30 October 2019, outperforming the Russell 2000 Biotech
Index 3.1% p/a, the Nasdaq Biotech Index 6.3% p/a, and the AIC Biotechnology
and Healthcare sector 2.7% p/a.

Sector Update

2025 has been defined by political and regulatory volatility. We think all
major healthcare policy concepts using Executive Orders have likely now been
introduced and are reaching resolution.  Trump's reshoring efforts were an
early win for the administration.  New FDA leadership has expressed a clear
desire to be pro-innovation and speed drug development.  While early
execution has been bumpy, we expect things to smooth out into a new
normal.

Most favoured nation (MFN) drug pricing has been the key remaining overhang.
Pfizer recently reached a deal with the administration that will serve as a
template for other companies to resolve MFN.  Pfizer will offer Medicaid MFN
prices for nearly all their drugs.  Some drugs will also be made available
DTC via TrumpRx at 50%+ discounts.  And finally, Pfizer followed the lead of
the majority of other pharmas and committed $70 billion to reshoring
manufacturing.   If other companies follow Pfizer's lead, this will resolve
the last remaining major policy overhang.

As a result, sector benchmarks are now up low double digits on the year.  The
modest gains after a prolonged bear market reflect that generalist investors
have yet to return to the sector. Capital outflows are yet to reverse,
although we have noticed people beginning to poke around.

Despite a solid quarter for public markets, the IPO market failed to re-open
in September.  Only a single psych focused company, LB Pharma, made it out.
The lack of IPOs is less distraction for high quality, late-stage, publicly
traded companies, where we couldn't be more excited.  The number of
biotechs succeeding commercially is accelerating.   We have never seen
more opportunities to own high revenue growth biotech businesses, which of
course is the ultimate goal of investment in the industry.   

While M&A in the first half of the year was up year over year, it was
focused on commercial companies. In September three development stage
acquisitions of increasing size were announced over two weeks.  Roche
acquired MASH company 89Bio for $2.4 billion.  Also, in cardiometabolic,
Pfizer bought Metsera's obesity pipeline for $4.9 billion (see further
below).  The quarter ended with Genmab's $8 billion acquisition of Merus.
Now that multinational pharmas have worked through manufacturing and tariff
uncertainties and have more clarity on their budgets, we expect more
development stage deals.

Portfolio Update - September

On 29 September, Genmab agreed to acquire Merus for $8 billion, a 41% premium
to Merus' 26 September closing price. As of 31 August, Merus made up 1.18% of
the Company's NAV.

On 24 September, uniQure announced positive topline results from its Pivotal
Phase 1/11 study of AMT-130 in patients with Huntington's Disease. The study
met its prespecified primary endpoint, demonstrating a statistically
significant slowing of disease progression as measured by the composite
Unified Huntington's Disease Rating Scale (cUHDRS) at 36 months.

As outlined above, on 22 September Pfizer announced the acquisition of
next-generation obesity therapy company Metsera at a premium of 43% to its
prior closing price. Although not an RTW Bio portfolio position, we believe
there is positive readacross to our private portfolio company, Kailera (4.0%
of NAV), which is developing a broad pipeline to treat obesity and related
metabolic conditions.

On 18 September, Biogen agreed to acquire private portfolio company Alcyone
for $85 million upfront, plus milestone payments. The upfront payment
delivered a 242% uplift on the Company's $2.1 million carrying value, adding
$5.0 million (+0.72%) to the 31 August NAV, where Alcyone was a 0.31%
position.

 

 Enquiries:

 RTW Investments, LP - Investment Manager

 Oliver Kenyon                              +44 (0)20 7959 6362

 Woody Stileman                             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

 Freddie Barnfield

 Nathan 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.

 

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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
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entity's business, trends in its operating industry, expected use of financing
proceeds and future capital expenditures and acquisitions. In light of these
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statements may not occur.

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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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