Monthly Valuation Update, Sep Factsheet, Q3 Letter

RTW Biotech Opportunities Ltd

13 October 2023

 

LEI: 549300Q7EXQQH6KF7Z84

13 October 2023

RTW Biotech Opportunities Ltd

Monthly Valuation Update, September Factsheet & Third 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 30 September 2023 (the "NAV") was US$336.9 million, or US$1.59 per ordinary share, -0.9% from the previous month.

The monthly factsheet is available on the Company's website:

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

Developments in the quarter:

§    The Company's NAV per share returned -5.2% versus -15.3% for the Russell 2000 Biotech Index and -3.0% for the Nasdaq Biotech Index.

§   Following the Company's announcement of a capital allocation plan for the proceeds from the sale of Prometheus Biosciences shares to Merck, a share buyback program was initiated.

§    The FTC cleared the path for Amgen's acquisition of Horizon, with the deal completing soon after. The initial filing of the antitrust lawsuit to block the deal had slowed the growing M&A momentum. Since the buyout was cleared, sector M&A has started to pick up again.

§    Rocket Pharmaceuticals successfully aligned with the FDA on its registrational trial design for its Danon Disease gene therapy program. This is a significant milestone for Rocket and for patients with Danon Disease, as it brings them closer to a potential therapy for a uniformly fatal, inherited disease.

§    Orchestra BioMed's shares performed well after the company was granted FDA approval to initiate a global pivotal study for BackBeat CNT™ for the treatment of hypertension in pacemaker patients.

§    Apogee Therapeutics went public through an IPO. It raised $300 million at $17 per share and closed the quarter at $22.94. This is the third IPO from the Company's portfolio this year, and the average step-up from our private holding value to IPO has been over 50%.

§    Avidity and Acelyrin were the only significant idiosyncratic detractors over the quarter.

For Further Information:

RTW Investments, LP	[phone]
Woody Stileman, Managing Director Krisha McCune, Director, Client Service
Buchanan	[phone]
Charles Ryland
Henry Wilson
George Beale
Numis	[phone]
Freddie Barnfield
Nathan Brown
Euan Brown
BofA Securities	[phone]
Edward Peel
Kieran Millar
Cadarn Capital	[phone]
David Harris
Elysium Fund Management Limited Joanna Duquemin Nicolle, Chief Executive Officer Sadie Morrison, Managing Director	[phone]
Morgan Stanley Fund Services USA LLC	[phone]

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 for more information.

 

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