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Selvita delivered strong overall organic growth in Q216, while the mid-year backlog supports our estimated double-digit sales growth in 2016. The company is accelerating its capacity expansion with a new long-term research facility development project. If this goes according to plan, the total number of employees could be boosted by c 1,000 from the current 368 over the next 10 years. The progress of lead R&D product SEL24 into Phase I and the formation of Nodthera (Selvita’s inflammasome inhibitor technology) were other recent highlights. We value Selvita at PLN376m.

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