RTW Biotech Opportunities Ltd reported a 16.5% NAV return for H1 2026, beating the NASDAQ Biotech Index and its AIC peer group but trailing the Russell 2000 Biotech Index. CIO Rod Wong attributed the relative lag to a 60-40 commercial-versus-clinical tilt and a medtech book most peers lack, which was caught in the AI/SaaS sell-off; RTW has since cut medtech exposure and raised clinical-stage exposure back to roughly 50-50. The IPO window is normalizing with 13 IPOs in H1 2026 versus eight in all of 2025, and M&A has already reached $105 billion in 2026 against $126 billion for all of last year, at average premiums of 46%. The FDA approved 23 novel drugs in H1 2026, the highest first-half total since 2023, though permanent leadership remains pending with Heidi Overton nominated as Commissioner. The private book holds 38 investments and saw a modest 2.1% average markdown in H1, while the Avadel Lumryz royalty investment realized a 2.6x gross MOIC and 52% gross IRR, and fundraising for RTW Royalty Fund II is underway. The discount to NAV has almost halved over the past 12 months to 15%.
Associated Industries China Inc
Givaudan SAFundraising for RTW Royalty Fund II is underway, following the Avadel Lumryz royalty's 2.6x gross MOIC and 52% gross IRR.
