RTW Biotech Opportunities Ltd (LON:RTW) has announced that its monthly factsheet and commentary as at 31 January 2026 is now available.
The Company’s unaudited net asset value attributable to its ordinary shares as at 31 January 2026 was US$2.37 per share, a decrease of -3.6% from the previous month vs +2.5% for the Nasdaq Biotech Index and +1.9% for the Russell 2000 Biotech Index. The Company has delivered +13.5% annualised NAV per ordinary share performance since launch in October 2019.
Top 10 Positions
| Holding | Public / Private | % NAV |
| PTC | Public “PTCT” | 12.0% |
| Corxel | Private | 6.5% |
| Stoke | Public “STOK” | 5.1% |
| UroGen | Public “URGN” | 4.4% |
| Insmed | Public “INSM” | 3.6% |
| Kailera | Private | 3.5% |
| Immatics | Public “IMTX” | 2.6% |
| argenx | Public “ARGX” | 2.4% |
| 4010 Royalty | Private | 2.3% |
| Tarsus | Public “TARS” | 2.3% |
Top YTD Contributors and Detractors
| Holding | % NAV | Contribution |
| GH Research | 1.5% | +0.3% |
| Oruka | 1.6% | +0.2% |
| Aktis | 0.9% | +0.2% |
| UroGen | 4.4% | (0.9%) |
| Tarsus | 2.3% | (0.6%) |
| Verastem | 1.5% | (0.4%) |
Note: % NAV as at period end based on economic exposure.
SECTOR UPDATE
January opened with the annual JPMorgan Healthcare Conference, which set a constructive – if not spectacular – tone for biotech. Unlike some prior years, there were no megadeal fireworks to kick off the week and instead the mood was steadier and more pragmatic, with management teams and investors focused on pipeline quality, capital discipline and realistic financing plans.
That said, the absence of day-one deals didn’t mean a lack of strategic intent. Conversations throughout the week consistently returned to business development and the need for large pharma to replenish pipelines ahead of looming patent expiries. Rumours of a potential ~$30bn acquisition of oncology-focused Revolution Medicines by Merck served as a reminder that sizeable transactions remain very much on the table. Even without confirmation, the scale of speculation highlights how real the prospect of meaningful M&A has become as valuations remain attractive and balance sheets strong.
Capital markets also showed incremental improvement. While still selective, funding conditions appeared more functional than a year ago, with specialist investors re-engaging and several companies successfully raising follow-on capital. The number of follow-on fundraisings for January was more than twice that for the same month last year.
Looking ahead, the sector continues to benefit from a policy environment that broadly favours innovation and life sciences leadership. Consistency and regulatory clarity remain key watchpoints, but the administration’s ongoing emphasis on supporting drug development, manufacturing and competitiveness provides a supportive framework. Taken together, January reinforced a familiar theme: big pharma is increasingly buying innovation rather than building it internally, leaving well-positioned biotech companies central to both strategic deal flow and long-term value creation.
PORTFOLIO UPDATE
On 12 January, RTW Biotech Opportunities announced the successful IPO of Aktis Oncology – the first such transaction of 2026. Aktis’ IPO valuation represented a 12.6% step-up from RTW Bio’s prior holding value at 31 December 2025 and a 18.3% step-up from the cost at the time of purchase in September 2024. Aktis began trading on the Nasdaq Global Select Market under the ticker “AKTS” on 9 January, where the stock traded up 24.4% on the first day of trading. As at 31 January 2026, Aktis represented 0.9% of the Company’s NAV.
RTW Bio also benefited from the first M&A deal of 2026: the acquisition of public portfolio company Penumbra by Boston Scientific, announced by RTW Bio on 16 January. The transaction values Penumbra at $14.5 billion and is expected to be completed in 2026. The acquisition price represents a 19.3% premium to Penumbra’s closing share price on 14 January, prior to the announcement.
This was followed by the acquisition of public portfolio company RAPT Therapeutics by GSK, announced by RTW Bio on 21 January. The transaction values RAPT at $2.2 billion and is expected to be completed in the first quarter of 2026. The acquisition price represents a 65% premium to RAPT’s closing share price on 19 January, prior to the announcement.
On 23 January, RTW Bio announced the completion of private company Corxel’s $287 million Series D-1 financing. Proceeds are expected to support the advancement of Corxel’s lead product candidate, CX11 (an oral GLP-1 receptor agonist for obese and overweight patients) in its Phase 2 trial in the United States, its planned global Phase 2 trial to treat Type 2 Diabetes Mellitus, and initial preparations for Phase 3 trials as well as other cardiometabolic programs. As of 31 January 2026, Corxel represented 6.5% of the Company’s NAV.
