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

RTW Biotech OpportunitiesAnnouncement

13/02/2026 07:00

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RNS Number : 8507S  RTW Biotech Opportunities Ltd  13 February 2026

LEI: 549300Q7EXQQH6KF7Z84

13 February 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 January 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 January 2026 was US$2.37 per share, a decrease of -3.6% from the
previous month vs +2.5% for the Nasdaq Biotech Index and +1.9% 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
 PTC           Public "PTCT"     12.0%
 Corxel        Private           6.5%
 Stoke         Public "STOK"     5.1%
 UroGen        Public "URGN"     4.4%
 Insmed        Public "INSM"     3.6%
 Kailera       Private           3.5%
 Immatics      Public "IMTX"     2.6%
 argenx        Public "ARGX"     2.4%
 4010 Royalty  Private           2.3%
 Tarsus        Public "TARS"     2.3%

 

Top YTD Contributors and Detractors

 Holding      % NAV  Contribution
 GH Research  1.5%   +0.3%
 Oruka        1.6%   +0.2%
 Aktis        0.9%   +0.2%
 UroGen       4.4%   (0.9%)
 Tarsus       2.3%   (0.6%)
 Verastem     1.5%   (0.4%)

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

 

SECTOR UPDATE

January opened with the annual JPMorgan Healthcare Conference, which set a
constructive - if not spectacular - tone for biotech. Unlike some prior years,
there were no megadeal fireworks to kick off the week and instead the mood was
steadier and more pragmatic, with management teams and investors focused on
pipeline quality, capital discipline and realistic financing plans.

That said, the absence of day-one deals didn't mean a lack of strategic
intent. Conversations throughout the week consistently returned to business
development and the need for large pharma to replenish pipelines ahead of
looming patent expiries. Rumours of a potential ~$30bn acquisition of
oncology-focused Revolution Medicines by Merck served as a reminder that
sizeable transactions remain very much on the table. Even without
confirmation, the scale of speculation highlights how real the prospect of
meaningful M&A has become as valuations remain attractive and balance
sheets strong.

Capital markets also showed incremental improvement. While still selective,
funding conditions appeared more functional than a year ago, with specialist
investors re-engaging and several companies successfully raising follow-on
capital. The number of follow-on fundraisings for January was more than twice
that for the same month last year.

Looking ahead, the sector continues to benefit from a policy environment that
broadly favours innovation and life sciences leadership. Consistency and
regulatory clarity remain key watchpoints, but the administration's ongoing
emphasis on supporting drug development, manufacturing and competitiveness
provides a supportive framework. Taken together, January reinforced a familiar
theme: big pharma is increasingly buying innovation rather than building it
internally, leaving well-positioned biotech companies central to both
strategic deal flow and long-term value creation.

PORTFOLIO  UPDATE

On 12 January, the Company announced the successful IPO of Aktis Oncology -
the first such transaction of 2026. Aktis' IPO valuation represented a 12.6%
step-up from RTW Bio's prior holding value at 31 December 2025 and a 18.3%
step-up from the cost at the time of purchase in September 2024. Aktis began
trading on the Nasdaq Global Select Market under the ticker "AKTS" on 9
January, where the stock traded up 24.4% on the first day of trading.  As at
31 January 2026, Aktis represented 0.9% of the Company's NAV.

RTW Bio also benefited from the first M&A deal of 2026: the acquisition of
public portfolio company Penumbra by Boston Scientific, announced by RTW Bio
on 16 January. The transaction values Penumbra at $14.5 billion and is
expected to be completed in 2026. The acquisition price represents a 19.3%
premium to Penumbra's closing share price on 14 January, prior to the
announcement.

This was followed by the acquisition of public portfolio company RAPT
Therapeutics by GSK, announced by RTW Bio on 21 January. The transaction
values RAPT at $2.2 billion and is expected to be completed in the first
quarter of 2026. The acquisition price represents a 65% premium to RAPT's
closing share price on 19 January, prior to the announcement.

On 23 January, RTW Bio announced the completion of private company Corxel's
$287 million Series D-1 financing. Proceeds are expected to support the
advancement of Corxel's lead product candidate, CX11 (an oral GLP-1 receptor
agonist for obese and overweight patients) in its Phase 2 trial in the United
States, its planned global Phase 2 trial to treat Type 2 Diabetes Mellitus,
and initial preparations for Phase 3 trials as well as other cardiometabolic
programs. As of 31 January 2026, Corxel represented 6.5% 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

 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.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
"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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