Investment trust RTW Biotech Opportunities (RTW) has marked its second success this month with the takeover of Penumbra. The company is being acquired by Boston Scientific (BSX) at a 19% premium in one of the first deals of 2026.
At the end of last week, portfolio company Aktis Oncology (AKTS) completed its IPO on New York’s Nasdaq exchange. Atkis issued 17.7 million shares at $18 to raise 318 million, with the shares closing up 24% at $22.40.
| Share Price: $2.16 (-2.9%) | Latest NAV: $2.45 |
| Market Cap: $700m | DIscount: 12% |
HIGH GROWTH POTENTIAL
The takeover of Penumbra valued the business at $14.5 billion or a 19% to the undisturbed share price. As of the end of December 2025, Penumbra represented 1% of the trust’s NAV (net asset value).
Penumbra is typical of the high growth potential businesses which make up the RTW Biotech Opportunities portfolio. The company’s devices treat cardiovascular diseases such as strokes, pulmonary embolisms and acute limb ischemia by removing clots quickly and safely.
Meanwhile, Aktis is a clinical-stage oncology company developing breakthrough solutions for highly targeted tumour treatments. The IPO valuation represented a 13% premium to book value at 30 November and an 18% to the purchase price.
‘We are delighted to have the first biotech IPO of the year and now the first big M&A deal of 2026’, said the trust’s CIO and founder Roderick Wong. ‘Thoughtful consolidation, backed by strong science and robust clinical utility, will continue to create value for shareholders and drive long-term advances in patient care.’
RTW Biotech is almost like an incubator fund for transformative companies in the biotech and medical technology sectors. Wong takes a ‘full life cycle’ approach to investing, from inception to early-stage to IPO and occasionally M&A.
Biotech funds had a good 2025 with RTW up 48%, International Biotech (IBT) gaining 46% and Biotech Growth (BIOG) up 46%. That put them ahead of a lot of US tech stocks including chip darling Nvidia (NVDA) which gained 26%.
We assume today’s selling is profit-taking by short-term traders after the shares put in a strong performance. For long-term investors, the portfolio includes many opportunities for future transformative growth.
Read the press release here: https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/
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