2016 has started on a positive note for Selvita with FY15 results showing excellent organic growth and a second R&D development deal with Merck KGaA announced at the end of March. With solid service revenue growth expected to continue, the R&D pipeline is progressing and lead-product SEL24 should enter Phase I by mid-2016. Other potential catalysts during the next 18-24 months include possible partnership deals for SEL24 or SEL120 and new drug development deals from existing collaborations with H3 Biomedicine and Merck. We raise our valuation to PLN354m (vs PLN333m previously), or PLN27 per share (was PLN25.4).

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