The strategic collaboration with Amgen provides further validation of Nuevolution’s Chemetics drug discovery platform. With up to $410m per development programme and a tiered royalty rate, the deal could generate significant value in the coming years. Cash of c SEK176m ($19.4m) at 30 September 2016, along with revenue from collaborations and licensing agreements, will enable Nuevolution to continue to expand its internal pipeline. We anticipate its lead internal candidate RORγt and possibly another internal candidate to be out-licensed in the next six months, while one further Amgen-style partnership could be formed by the end of 2017.

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