A drive circuit and method of controlling a quantum well modulator are disclosed. The drive circuit can be disposed in an optical transceiver having a quantum well modulator configured to retro-modulate an incoming optical signal. The drive circuit can include separate modulating and bias voltage sources. A level of the modulating voltage and the bias voltage can be determined based on an ambient temperature of the optical transceiver and can be adjusted to compensate for variations in the optical performance of the quantum well modulator. The quantum well modulator can be controlled in intervals. The modulating voltage can be applied to the quantum well modulator during a first interval. A current associated with the modulating voltage can be returned to the modulation voltage source during a second interval. A timing of the first and second intervals can be based on electrical properties of the quantum well modulator.