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RTW Biotech Opportunities Ltd announced on 13 October 2023 that its unaudited net asset value (NAV) was US$336.9 million, or US$1.59 per ordinary share, as of 30 September 2023, reflecting a -0.9% movement from the previous month. For the third quarter, the Company's NAV per share returned -5.2%, and a share buyback program was initiated. Additionally, portfolio company Apogee Therapeutics completed an IPO, raising $300 million at $17 per share.
| Date | 13 Oct 2023 |
| Time | 07:00:11 |
| Category | Miscellaneous |
| ID | 0048Q |
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:
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RTW Investments, LP |
+44 20 7959 6361 |
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Woody Stileman, Managing Director Krisha McCune, Director, Client Service |
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Buchanan |
+44 20 7466 5107 |
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Charles Ryland |
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Henry Wilson |
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George Beale |
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Numis |
+44 20 7260 1000 |
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Freddie Barnfield |
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Nathan Brown |
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Euan Brown |
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BofA Securities |
+44 20 7628 1000 |
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Edward Peel |
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Kieran Millar
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Cadarn Capital |
+44 73 6888 3211 |
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David Harris |
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Elysium Fund Management Limited Joanna Duquemin Nicolle, Chief Executive Officer Sadie Morrison, Managing Director
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+44 (0) 14 8181 0100 |
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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.