Q3 was a quiet quarter of execution for Medivir. FLEX-HCC is recruiting according to plan, preparations for the two MIV-711 proof-of-concept studies are progressing, and cash of SEK248m funds all three phase II studies until at least 2030. The nearest catalyst is the topline readout from partner Vetbiolix's randomised study with MIV-701 in canine periodontitis. At ESMO, BeOne presented strong early data with its GPC3 bispecific BGB-B2033 in later-line liver cancer and is starting a phase III study in the same second-line population as fostrox. We lower our peak market share for fostrox and raise our WACC due to a higher risk-free rate. Our Fair Value falls to SEK3.8 (SEK4.6). The Medivir share screens as "Attractively Priced".
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