RTW Biotech Opportunities Ltd (LSE: RTWG), a London-listed investment fund focused on biopharmaceutical and medical technology assets, has published its monthly valuation update as at 31 October 2026, reporting an unaudited net asset value of US$2.67 per ordinary share. The NAV declined 1.1% over the month, underperforming the Nasdaq Biotech Index, which rose 2.9%, though outperforming the Russell 2000 Biotech Index, which fell 3.8%. The update also details two significant portfolio company IPOs and a SPAC merger agreement for Corxel, the fund's fourth-largest holding, which investors will be closely watching.

Key Points

  • RTW Biotech Opportunities Ltd (LSE: RTWG) published its October 2026 monthly factsheet and quarterly letter on 13 November 2026.
  • Unaudited NAV per ordinary share stood at US$2.67 as at 31 October 2026, a monthly decline of 1.1%, with annualised NAV performance of +13.9% since the fund's October 2019 launch.
  • Two private portfolio holdings — City Therapeutics and Lycia Therapeutics — completed upsized Nasdaq IPOs in October; Corxel's US business agreed a SPAC merger expected to raise approximately $377 million.
  • Investors will be watching the anticipated completion of the Corxel SPAC transaction, expected in the first half of 2027, and broader sector M&A activity.

City Therapeutics and Lycia Therapeutics Complete Upsized Nasdaq IPOs in October

Two private holdings listed on Nasdaq during October, generating material valuation uplifts for the fund. City Therapeutics, developing RNA interference medicines to prevent blood clots, raised $200 million through an IPO of 11.1 million shares at $18, closing its first trading day at $22.40 — a 70% step-up to RTW Bio's 30 September holding value and a 129% step-up from cost. Lycia Therapeutics, whose medicines aim to remove disease-causing proteins targeting food allergy and Graves' disease, raised approximately $318 million at $18 per share, closing up 67% on debut — a 229% step-up to the prior holding value and a 233% step-up from cost. As at 31 October, City and Lycia represented 0.6% and 2.9% of NAV respectively.

Corxel's US Business Agrees SPAC Merger With Amanat Acquisition Corp to Fund Phase 3 Obesity Trial

On 27 October, Corxel announced its US business would go public via a merger with Amanat Acquisition Corp (Nasdaq: AMAN). The transaction is expected to raise gross proceeds of approximately $377 million, including an oversubscribed $300 million PIPE, and is designed to fund the combined company through 2029. Corxel's lead candidate, CX11, is a once-daily oral treatment for obesity set to begin a global Phase 3 trial. Completion is expected in the first half of 2027. RTW Bio first invested in Corxel's seed round in February 2020. As at 31 October 2026, Corxel was the fund's fourth-largest position at 4.8% of NAV, valued at approximately $43.9 million.

Sector Activity: 29 Biotech IPOs Completed Year-to-Date and $4.4 Billion Raised in October Capital Markets

The fund's sector update notes that biotech indices were broadly flat in October, with performance diverging between large-cap biopharma and pre-revenue companies, the latter facing pressure from a rising interest rate environment. Capital markets activity was described as strong, with twenty deals priced during the month — including seven IPOs — raising over $4.4 billion in gross proceeds. Year-to-date, 29 IPOs have completed, compared with eight across the whole of 2025. M&A was relatively subdued, with two acquisitions totalling $2.8 billion. The ESMO oncology conference provided data readouts for holdings including Tango and Xencor, both represented in the fund's top ten positions.

RTW Bio Repurchased 7.6 Million Shares Worth $16.7 Million Over the Past Twelve Months

The company update highlights that, against a backdrop of heightened sector M&A activity, RTW Bio repurchased 7.6 million shares over the twelve months to 31 October 2026, equivalent to $16.7 million. The announcement states the company continues to apply a disciplined evaluation framework to determine its optimal capital allocation approach. CG Oncology remains the fund's largest single position at 9.4% of NAV, followed by Oruka at 6.2% and Xencor at 5.8%. Oruka and Spyre were among the top year-to-date NAV contributors, adding +4.0% and +3.3% respectively, while Celcuity and Ensoma were the largest detractors at -2.0% and -1.9%.