**Summary**
RTW Biotech Opportunities Ltd ("RTW Bio") reported a transformative year for its portfolio in 2025, driven by policy tailwinds and a revitalized M&A landscape. The companys Annual Report highlights a significant re-rating, with a +35.7% NAV per Ordinary Share return and a +54.8% share price return, outperforming major biotech benchmarks. Since its 2019 listing, RTW Bio has grown its NAV from US$168.0 million to over US$800.9 million, representing a +136.0% return.
Key highlights include
**Strong Performance** The public portfolio delivered a +46.1% return, outperforming the Russell 2000 and Nasdaq Biotech indices, with notable contributions from Avidity Biosciences, PTC Therapeutics, and Stoke Therapeutics.
**M&A Activity** The portfolio benefited from intense strategic activity, including five take-outs or acquisitions, such as Aviditys acquisition by Novartis and Alcyones take-out.
**Increased Scale and FTSE 250 Inclusion** RTW Bios NAV reached US$800.9 million, leading to its inclusion in the FTSE All Share and FTSE 250 indices, while the share price discount narrowed to 12.0%.
**Strategic Positioning** The company is focused on high-growth verticals like obesity and cardiometabolic disease, with private holdings in Corxel and Kailera.
**Financial Summary** As of December 31, 2025, RTW Bio reported a NAV of US$800.9 million, a NAV per Ordinary Share of US$2.45, and a share price of US$2.16.
RTW Bios Managing Partner and Chief Investment Officer, Roderick Wong, emphasized the companys rigorous asset selection and full life-cycle investment strategy, positioning it to capture value in the evolving biotech sector. The companys deep expertise in the Chinese biotech market and focus on AI-driven drug discovery are expected to drive future growth.