Nuevolution - Clinical development in 2019

Nuevolution’s drug discovery platform (Chemetics) continues to receive external validation, with Amgen opting in for another oncology programme from its multi-target collaboration. Transitioning assets to the clinic will be a defining moment for Nuevolution, and the RORγt inhibitor programme (out-licensed to Almirall in psoriatic arthritis and skin conditions) remains on course to potentially enter the clinic in 2019. Nuevolution’s internal programmes continue to progress well and new early-stage programmes addressing important inflammation and oncology targets have now been announced (TYK2 and RIPK1). We value Nuevolution at SEK19.7/share.