NUE has a transforming year behind them with a licensing deal with Almirall and multi-target drug discovery collaboration with Amgen. Progress with Chemetics has also contributed to a solid foundation. There have been development progress across the board during 2017 and more updates are expected by the end of the year. We see the BET-inhibitor program as the most interesting from a partnering perspective and the prospects for a licensing deal are good. Further, an additional drug discovery collaboration deal has a good possibility of being realized. We have only made small adjustments to our model and maintain our valuation of SEK 24 per share, with Bull and Bear Case being 33 and 15 per share, respectively.