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

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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