Nuevolution has had a busy start of the year with a lot of progress. The development of Chemetics continues to push boundaries with the successful completion of a 40 trillion-member library, likely the world’s largest. The pipeline programs are progressing. RORγt inverse agonist are under development by Almirall and we expect initiation of Phase I by early 2018, while other indications are being pursued by NUE. The Amgen collaboration have been showing promising signs with two projects identified and progressed. Somewhat higher costs than previous estimates are outweighed by a lower the weighted average cost of capital (WACC), resulting in a slightly higher fair value range.
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