15 sep 25   rtw biotech opp. - monthly valuation update and factsheet rtw biotech opportunities ltd usd | rtw | 150 0 0.0% | mkt cap: 494.9m    rns number : 2332z rtw biotech opportunities ltd 15 september 2025   lei: 549300q7exqqh6kf7z84 15 september 2025   rtw biotech opportunities ltd monthly valuation update and factsheet rtw biotech opportunities ltd (the "company") announces that its monthly factsheet and with commentary as at 31 august 2025 is now available at https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/.   the company's unaudited net asset value attributable to its ordinary shares as at 31 august 2025 was us$1.98 per share, an increase of +7.8% from the previous month vs +4.9% for the nasdaq biotech index and +8.0% for the russell 2000 biotech index. the company has delivered +11.3% annualised nav per ordinary share performance since launch in october 2019.   top 10 positions holding public / private % nav avidity public "rna" 8.4% corxel private 7.9% urogen public "urgn" 5.6% kailera private 4.3% ptc public "ptct" 4.1% stoke public "stok" 4.1% madrigal public "mdgl" 3.8% akero public "akro" 3.3% tarsus public "tars" 2.9% uniqure public "qure" 2.8%   top ytd contributors and detractors holding % nav contribution avidity 4.4% +4.7% urogen 6.0% +3.3% akero 8.7% +3.2% rocket 1.2% (4.0%) artios 2.2% (2.9%) dyne 2.1% (1.9%) note: % nav as at period end based on economic exposure.   sector update manufacturing-related tariffs now appear largely resolved, with seven of the largest pharmaceutical companies agreeing to reshore nearly $300 billion in production. president trump stated in july that a 200 percent tariff would be imposed after a 12- to 18-month grace period, but this has since been interpreted as providing enough time for companies to adjust supply chains. the main unresolved issue is mfn, but a broad us-eu trade deal is likely to remove tariffs as a threat. the administration's remaining tools to force price matching are limited and slow, with medicare changes unlikely to have a major impact. other solutions, such as a shift to direct-to-consumer models and the concept of a unified eu list price, are promising. regardless of where mfn policy lands, rtw bio's portfolio risk remains low. the fda has become more transparent and flexible under makary, who has introduced new initiatives such as a formal framework for single-arm trials in ultrarare diseases and a national priority review programme that could reduce approval times from 10 months to just weeks. regulatory activity has remained steady, with the fda's centre for drug evaluation and research (cder) and centre for biologics evaluation and research (cber) maintaining approval rates in line with historical norms. although the number of drug approvals was slightly down year-on-year, the overall pace remained healthy. the fda's decision-making process continued to align with advisory committee recommendations in the majority of cases, and fears of a more stringent or unpredictable agency have not been realised. notably, the fda's leadership changes and staffing fluctuations are not disrupting core functions, and the agency has reaffirmed its commitment to expediting pathways for rare disease drugs and psychedelics. m&a activity reflected a renewed push by large pharmaceutical companies to strengthen their pipelines, particularly in neuroscience, rare diseases, and oncology. notable deals included abbvie's agreement to acquire gilgamesh pharmaceuticals, a developer of therapies for depression, in a transaction valued at around $1 billion. novartis was also reported to be considering a takeover of rtw bio's largest holding, avidity biosciences. for novartis, which is facing generic competition for top-selling drugs like entresto, xolair, and cosentyx, a deal for avidity would be one of the largest under ceo vas narasimhan and would further its recent strategy of targeted acquisitions to offset revenue loss from patent expiries. the overall m&a landscape showed that while the number of mega-deals remained limited, strategic acquisitions and structured financings continued to get done. the broader ipo market for biotech and healthcare showed signs of recovery. heartflow, a digital health company focused on ai-powered cardiovascular diagnostics completed its ipo in august and is trading up 75% from its issue price. further afield, guangzhou innogen pharmaceutical, focused on the glp-1 / metabolic space, is planning its ipo in hong kong. notably, after dropping 16% in 2024, the hang seng biotech index is up 110% ytd. portfolio update avidity biosciences was the subject of a takeover rumour by novartis, driving avidity's share price up 27% over august. as at 31 august, avidity represented 8.4% of nav. on 20 august, rocket pharmaceuticals announced that the fda had lifted the clinical hold on the pivotal phase 2 trial of rp-a501 for the treatment of danon disease. the hold was lifted in under three months, underscoring the efficiency of the fda's review process and rocket's commitment to expeditiously optimise safety and resume the trial. as at 31 august, rocket represented 1.2% of nav. on 14 august, rtw bio participated in the $75 million strategic funding arrangement with aquestive, via the 4010 royalty fund. the financing will support aquestive to bring anaphylm (epinephrine) to market. anaphylm is the first and only orally delivered film that has the same target indication as that for epinephrine injection in the emergency treatment of type 1 allergic reactions, including anaphylaxis. the transaction is subject to fda approval of anaphylm.       enquiries: rtw investments, lp - investment manager oliver kenyon woody stileman krisha mccune (investor relations)       +44 (0)20 7959 6362 biotechopportunities@rtwfunds.com cadarn capital - pr & ir partner lucy clark (pr) david harris (distribution)   +44 (0)7984 184 461 / lucy@cadarncapital.com +44 (0)7368 883 211 / david@cadarncapital.com   deutsche numis - joint corporate broker freddie barnfield nathan brown   +44 (0)20 7260 1000 bofa securities - joint corporate broker edward peel alex penney   +44 (0)20 7628 1000 altum (guernsey) limited joanna duquemin nicolle sadie morrison   +44 (0)1481 703 100   about rtw biotech opportunities ltd: rtw biotech opportunities ltd (lse: rtw) 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 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