**Summary**
RTW Biotech Opportunities Ltd released its monthly valuation update and factsheet for September 2025, highlighting strong performance and strategic developments. Key points include
1. **Performance Highlights**
Unaudited net asset value (NAV) per share increased by **+7.5%** in September 2025, outperforming the Nasdaq Biotech Index (+4.3%) and the Russell 2000 Biotech Index (+11.0%).
Annualized NAV per share performance since launch in October 2019 stands at **+12.5%**.
Year-to-date NAV per share returned **+17.5%**, surpassing both the Russell 2000 Biotech Index (+12.1%) and the Nasdaq Biotech Index (+13.2%).
2. **Portfolio Update**
Top holdings include **PTC (10.6% of NAV)**, **Corxel (7.4%)**, and **Avidity (7.0%)**.
Top YTD contributors were **Avidity (+4.2%)**, **UniQure (+3.8%)**, and **UroGen (+3.5%)**.
Notable developments
**UniQure** announced positive results for its Huntingtons Disease treatment.
**Genmab** acquired **Merus** for $8 billion, benefiting RTW Bios NAV.
**Pfizer** acquired **Metsera**, positively impacting private portfolio company **Kailera** (4.0% of NAV).
**Biogen** acquired **Alcyone**, delivering a **242% uplift** on RTW Bios carrying value.
3. **Sector Outlook**
Political and regulatory volatility in 2025 is stabilizing, with resolutions to key issues like MFN drug pricing (e.g., Pfizers deal with the administration).
Sector benchmarks are up low double digits, but generalist investors remain cautious.
IPO activity remains slow, but M&A activity is increasing, particularly in development-stage companies (e.g., Roches acquisition of 89Bio and Genmabs acquisition of Merus).
4. **Company Developments**
RTW Bio was included in the **FTSE All-Share Index** from September 22, 2025, enhancing its exposure to investors.
Interim results for H1 2025 were released, with an investor webinar presented by Rod Wong and Woody Stileman.
5. **Contact and Additional Information**
RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, focusing on transformative biopharmaceutical and medical technology assets.
Further details are available on the companys website: [www.rtwfunds.com/rtw-biotech-opportunities-ltd](http://www.rtwfunds.com/rtw-biotech-opportunities-ltd).
This update underscores RTW Biotech Opportunities Ltds robust performance, strategic portfolio positioning, and optimism for the biotech sectors future.