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

RTW Biotech OpportunitiesAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251212:nRSL2902La&default-theme=true

RNS Number : 2902L  RTW Biotech Opportunities Ltd  12 December 2025

LEI: 549300Q7EXQQH6KF7Z84

12 December 2025

 

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 November 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 November 2025 was US$2.56 per share, an increase of +8.1% from the
previous month vs +8.4% for the Nasdaq Biotech Index and +12.1% for the
Russell 2000 Biotech Index. The Company has delivered +15.5% annualised NAV
per ordinary share performance since launch in October 2019.

 

Top 10 Positions

 Holding      Public / Private  % NAV
 PTC          Public "PTCT"     13.3%
 Corxel       Private           6.0%
 UroGen       Public "URGN"     5.9%
 Stoke        Public "STOK"     4.8%
 Akero        Public "AKRO"     3.8%
 Kailera      Private           3.3%
 Insmed       Public "INSM"     2.9%
 Tarsus       Public "TARS"     2.6%
 Protagonist  Public "PTGX"     2.6%
 Immatics     Public "IMTX"     2.6%

 

Top YTD Contributors and Detractors

 Holding  % NAV  Contribution
 Avidity  0.0%   +9.5%
 PTC      13.3%  +7.4%
 UroGen   5.9%   +6.2%
 Rocket   1.0%   (4.0%)
 Artios   1.5%   (2.9%)
 Dyne     0.0%   (1.9%)

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

 

Sector Update

In November, biotech equities continued to deliver the strong run of gains
seen since April. The Russell 2000 Biotech Index rose 12.1%, the Nasdaq
Biotech Index added 8.4%, and the AIC Biotechnology & Healthcare Sector
added 7.2%. Year-to-date, the sector is up 19.5%, and the Company's NAV
performance has outperformed this, returning 41.6%. On an annualised basis
since the Company's IPO, the NAV has compounded at 15.5% per annum, materially
ahead of the benchmarks.

Policy developments remain a source of alpha. Drug pricing uncertainty has
largely resolved, with Medicare negotiations resulting in modest discount
increases and a compromise enabling coverage for obesity treatments. Broader
healthcare cost trends show drug spending declining as a share of total costs,
while hospital and service expenses rise sharply, creating a non-drug
affordability challenge. Leadership instability at the FDA is now the main
policy risk, with recent departures raising concerns in Washington and
increasing the likelihood of decisive action.

We continue to see favourable conditions for the sector. Investor sentiment is
improving, valuations remain compelling, and policy risks are receding.
M&A activity is strong and likely to accelerate as patent cliffs approach,
supported by healthy balance sheets and strategic urgency. Innovation is
maturing, commercialisation is progressing, and declining interest rates
provide a favourable backdrop. After four years of relative underperformance,
the recovery is still in its early stages, and we see significant opportunity
ahead. The recent run of performance has been supported by positive fund
flows, with healthcare and biotech mutual funds and ETFs recording
approximately 2% net inflows late in the month, although year-to-date outflows
remain at 8%, indicating early signs of renewed investor interest.

Portfolio Update

Performance was broad-based across disease areas, with the largest
contributions from rare diseases, metabolic disorders, and oncology. Three of
the top five contributors were commercial-stage companies, including PTC,
UroGen and Madrigal. Among development-stage names, Cogent reported a near
doubling of progression-free survival in its Phase 3 trial for
gastrointestinal stromal tumours, which is expected to redefine the
second-line standard of care. uniQure was a notable detractor after the FDA
reversed earlier guidance on Huntington's disease, ruling that Phase 1/2 data
cannot support approval.

On 7 November, private portfolio company Evommune, Inc. announced its IPO on
the New York Stock Exchange. Evommune's IPO raised $150 million by offering
9.4 million shares at $16 per share. This valuation represents a 22% step-up
from the Company's prior holding value and a 102% step-up from the cost at the
time of acquisition through the Arix transaction. On 28 November, the stock
closed at $20.71, up +29.4% from the IPO price. Evommune represented 0.9% of
the Company's NAV as at 31 October 2025 and 1.4% of NAV as at 30 November
2025.

 

 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

 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.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.

***********

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFFFEIFSLLLIE



            Copyright 2019 Regulatory News Service, all rights reserved