RTW Biotech Opportunities Ltd (LON:RTW) has announced that its monthly factsheet and commentary as at 28 February 2026.
The Company’s unaudited net asset value attributable to its ordinary shares as at 28 February 2026 was US$2.41 per share, an increase of +1.7% from the previous month vs +8.3% for the Nasdaq Biotech Index and -0.2% for the Russell 2000 Biotech Index. The Company has delivered +13.6% annualised NAV per ordinary share performance since launch in October 2019.
Top 10 Positions
| Holding | Public / Private | % NAV |
| PTC | Public “PTCT” | 10.7% |
| Stoke | Public “STOK” | 6.1% |
| Corxel | Private | 5.9% |
| argenx | Public “ARGX” | 5.4% |
| UroGen | Public “URGN” | 4.8% |
| Kailera | Private | 3.5% |
| Insmed | Public “INSM” | 3.4% |
| Celcuity | Public “CELC” | 3.0% |
| CG Oncology | Public “CGON” | 2.8% |
| Immatics | Public “IMTX” | 2.8% |
Top YTD Contributors and Detractors
| Holding | % NAV | Contribution |
| Stoke | 6.1% | +0.8% |
| Evommune | 2.0% | +0.8% |
| CG Oncology | 2.8% | +0.5% |
| PTC | 10.7% | (1.3%) |
| Insmed | 3.4% | (0.6%) |
| argenx | 5.4% | (0.6%) |
Note: % NAV as at period end based on economic exposure.
SECTOR UPDATE
Biotechnology indices outperformed broader equity markets in February and are outperforming year-to-date. The move appears to reflect a rotation away from mega-cap growth and AI-exposed tech names in favour of a more diversified group of sectors including healthcare. Furthermore, declining long term yields supported biotech companies, given their long-duration cash flow profile. Together, these dynamics have begun to re-engage generalist investors who had remained underweight in the space for the past several years.
Capital markets activity has remained constructive. Year-to-date, 46 biotech transactions totalling more than $8 billion have been completed, including six IPOs. Approximately two thirds of IPOs year-to-date are trading above offer price, a marked improvement versus early 2025, when issuance was more muted and aftermarket performance less durable. The tentative reopening of the IPO window and improved follow-on performance reflect a gradual normalisation of risk appetite and improving institutional participation.
M&A activity also remained robust in February, with two announced transactions: Eli Lilly’s acquisition of private RNA therapeutics company Orna Therapeutics for up to $2.4 billion and Gilead’s $7.8 billion acquisition of Arcellx, a post-Phase 2 oncology company. Year-to-date, five acquisitions totalling up to $14 billion have been announced. The Arcellx transaction reinforces continued large-cap appetite for validated clinical-stage assets. The sustained pace of deal activity underscores the need for pipeline replenishment across large biopharma with impending material patent cliffs.
PERFORMANCE UPDATE
Relative underperformance during the month was concentrated in our commercial-stage therapeutics holdings, reflecting mark-to-market pressure rather than evidence of permanent impairment. Winter prescription dynamics, including annual copay resets and periods of severe weather, weighed on prescription volumes across parts of the portfolio. However, we believe this seasonal softness was consistent with prior years and does not alter the underlying demand trajectory. We remain optimistic on our commercial portfolio, where launch trajectories and underlying fundamentals continue to progress favourably despite near-term volatility.
Within our clinical portfolio, we maintain a robust catalyst calendar for 2026, with multiple value-inflecting events ahead. We believe this positions the portfolio well to benefit from continued strategic activity and improving risk appetite across development-stage biotechnology.
RTW Biotech Opportunities Ltd is an investment fund focused on identifying transformative assets across the life sciences sector.
