RTW Biotech Opportunities Ltd Monthly Valuation Update, September Factsheet & Third Quarter Letter

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 +44 20 7959 6361 Woody Stileman, Managing Director Krisha McCune, Director, Client Service