LEI:
549300Q7EXQQH6KF7Z84
15 April
2024
RTW Biotech Opportunities
Ltd
Monthly Valuation Update and First
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 28th March 2024 (the "NAV") was US$658.6 million, or US$1.95
per ordinary share, +0.9% from the previous month.
The monthly factsheet
and quarterly letter are available on the Company's
website:
https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/
Highlights from the
Manager's quarterly letter:
NAV per share returned +2.7% in the
first quarter. The Russell 2000 Biotech Index and the Nasdaq
Biotech Index returned +8.76% and +1.36% respectively. The NAV per
share returns since the sector's recovery began in early November
2023 and since admission in October 2019 are +32.2% and 87.3%,
respectively.
There were seven US biotech IPOs in
the first quarter versus twelve for the whole of last year. Public
follow-on activity was also strongly up on last year. Several small
acquisitions were announced. This is all suggestive of a more
normal market environment.
The acquisition of Arix Bioscience
plc's ("Arix") assets was completed on 12th February with the
Company issuing 181.9m new ordinary shares to Arix shareholders.
The 48.3m shares issued to RTW Bio are expected to be cancelled at
the next AGM. Alongside the transaction, the Company increased its
existing share buyback capacity to $30m to help smooth the
transitioning of the investor base. At the end of Q1, $10m had been
executed.
The integration of Arix's portfolio
and full valuation of their private positions was completed in
March. We have exited all of Arix's public positions and invested
the proceeds and the acquired cash into our own positions. The full
March valuation of these assets saw a small net uplift on the
February number as Artios, Ensoma and Evommune saw small valuation
increases, offsetting deductions from Depixus, Sorriso and
Amplyx.
The additional cash from the Arix
acquisition comes at an ideal time. We are seeing significant
opportunities. We have added four new public positions to the core
portfolio: Akero, 89Bio, Urogen and Merus. We have also added three
new private positions: Obsidian Therapeutics, BioAge Labs, and
Mirador Therapeutics.
For
Further Information
RTW
Investments, LP
|
+44
20 7959 6361
|
Woody Stileman, Managing Director,
Business Development
Krisha McCune, Director, Investor
Relations
|
biotechopportunities@rtwfunds.com
|
Buchanan (PR & Communications Adviser)
|
+44
20 7466 5107
|
Charles Ryland
|
|
Henry Wilson
|
|
George Beale
|
|
|
|
Deutsche Numis (Joint Corporate Broker)
|
+44
20 7260 1000
|
Freddie Barnfield
|
|
Nathan Brown
|
|
Euan Brown
|
|
|
|
BofA Securities (Joint Corporate Broker)
|
+44
20 7628 1000
|
Edward Peel
|
|
Alex Penney
|
|
Cadarn Capital (Distribution & IR
Partner)
|
+44
73 6888 3211
|
David Harris
|
|
Elysium Fund Management Limited
Joanna Duquemin Nicolle, Chief
Executive Officer
Sadie Morrison, Managing
Director
|
+44
14 8181 0100
|
Morgan Stanley Fund Services USA LLC
|
+1
914 225 8885
|
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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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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