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

RTW Biotech OpportunitiesAnnouncement

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RNS Number : 4648A  RTW Biotech Opportunities Ltd  15 April 2026

LEI: 549300Q7EXQQH6KF7Z84

15 April 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 31 March 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 31 March 2026 was US$2.42 per share, an increase of +0.6% from the previous
month vs -3.3% for the Nasdaq Biotech Index and -1.0% for the Russell 2000
Biotech Index. The Company has delivered +13.5% annualised NAV per ordinary
share performance since launch in October 2019.

 

Top 10 Positions

 Holding      Public / Private  % NAV
 Corxel       Private           5.8%
 CG Oncology  Public "CGON"     5.7%
 Stoke        Public "STOK"     5.4%
 argenx       Public "ARGX"     5.1%
 PTC          Public "PTCT"     5.0%
 Celcuity     Public "CELC"     4.2%
 UroGen       Public "URGN"     4.0%
 Kailera      Private           3.5%
 Tango        Public "TNGX"     3.4%
 Erasca       Public "ERAS"     3.2%

 

Top YTD Contributors and Detractors

 Holding      % NAV  Contribution
 CG Oncology  6.1%   +1.2%
 Tango        2.0%   +1.2%
 Oruka        2.8%   +0.9%
 PTC          10.7%  (1.5%)
 UroGen       3.4%   (1.3%)
 argenx       5.4%   (0.8%)

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

 

COMPANY UPDATE

On 30 March 2026, the Company released its annual report and accounts for the
year ended 31 December 2025. The financial statements, presentation
and webinar recording can be found in the Results and Presentations
(https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/results-presentations/)
 section of the website.

 

PERFORMANCE  UPDATE

Over the first quarter, the Company's NAV per share returned -1.3% vs
+0.6% for the Russell 2000 Biotech Index (R2kB), +2.5% for the Nasdaq Biotech
Index (NBI), and -5.6% for the AIC Biotechnology and Healthcare sector.

The Company's NAV per share has delivered an annualised return of +13.5% per
annum since launch on 30 October 2019, outperforming the R2kB +7.0% p/a, the
NBI +10.2% p/a, and the AIC Biotechnology and Healthcare sector +3.1%
p/a.

SECTOR UPDATE

Biotech demonstrated relative resilience in Q1 2026 despite broader market
volatility, supported by strong M&A activity and a materially improved
financing backdrop. While geopolitical developments, particularly in the
Middle East, drove a short-term reversal in capital flows and increased risk
aversion, underlying sector fundamentals remain constructive. The asset
class continues to benefit from growing recognition of scientific progress,
with innovation increasingly translating into clinical and commercial
success.

M&A activity accelerated meaningfully through the quarter, with March
alone accounting for 10 transactions totalling up to $31.5 billion and
bringing year-to-date value to $48.5 billion. This places 2026 on track to be
the second strongest year on record. Large-cap pharma remains active, driven
by the need to offset upcoming patent expiries and supported by significant
cash flows, particularly from obesity franchises. Strategic demand continues
to centre on late-stage clinical and early commercial assets, where de-risked
profiles and clearer revenue visibility are increasingly attractive.

Capital markets showed clear signs of reopening. Follow-on activity remained
robust, with c. $3.5 billion raised in March and c. $11 billion across
67 deals in Q1, a substantial increase versus c. $4 billion across 27 deals
in Q1 2025. IPO activity, while still muted, is beginning to recover, with six
offerings year-to-date compared to eight for the entirety of 2025. The
improving financing environment reflects renewed investor engagement and is
expected to support continued innovation across both private and public
biotech companies.

From a market perspective, performance was shaped by a rotation in investor
positioning. Commercial-stage companies, which tend to have higher generalist
ownership, experienced pressure amid broader derisking, while earlier-stage
and catalyst-driven names proved more resilient. In MedTech, valuations came
under pressure despite solid operating performance, reflecting investor
concerns around potential AI-driven disruption as well as evolving policy
narratives focused on healthcare system economics.

The regulatory backdrop remains a key variable. The upcoming departure of
the FDA's head of CBER has been viewed positively given prior concerns around
inconsistency and conservatism, particularly in rare diseases. Greater clarity
on leadership is expected in the coming months and may help stabilise
sentiment. Looking ahead, the sector enters a catalyst-rich period with
major oncology updates expected at AACR in April and ASCO in May, which could
be among the most consequential medical meetings in recent years. More
broadly, biotech remains under-owned and attractively valued, with continued
advances in novel modalities and AI-driven drug discovery supporting a
favourable medium-term outlook.

PORTFOLIO UPDATE - MARCH

On 31 March, RTW Bio announced the completion of private company Amani
Therapeutics' $25 million Series A financing. Amani is the sixth new company
creation of RTW Investments, LP. Proceeds are expected to advance AM-01, a
novel schizophrenia therapy. RTW Bio invested $6.6 million in the Series A
financing (in addition to $0.4 million invested in a previous SAFE funding
that later converted to Series A shares), the total investment
representing 0.8% of NAV as of 31 March 2026.

Furthermore, two of RTW Bio's public portfolio companies were acquired in
M&A transactions announced on 31 March:

Apellis was acquired by Biogen for $5.6 billion at a 163% premium
(including CVRs) to its prior closing share price. Apellis is a commercial
stage biotech with two drugs on the market for eye disease and rare kidney
diseases. As at 31 March 2026, Apellis represented 0.7% of the
Company's NAV.

Centessa was acquired by Eli Lilly for $6.3 billion at a 70% premium
(including CVRs) to its prior closing share price. Centessa is
a clinical-stage biotech developing a new class of medicines for the
treatment of excessive daytime sleepiness and other neurological conditions.
As at 31 March 2026, Centessa represented 0.4% of the Company'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.

 

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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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"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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