FY17 has been a defining year for Nuevolution as it looks to further validate its unique Chemetics drug discovery platform. Highlights include the Amgen development collaboration, out-licensing the RORγt inverse agonist (dermatology and psoriatic arthritis indications) to Almirall and the progression of the internally generated pipeline assets. We anticipate at least one further out-licensing or risk-sharing collaboration in FY18. We value the company's recent deals with Amgen, Almirall and Janssen at SEK902m ($113m). Our valuation does not include the technology, other pipeline assets and future deal opportunities.

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