Due to a futility analysis, Medivir discontinues the ongoing Phase 2 trial with birinapant in combination with Keytruda. Following the decision, we remove birinapant in mCRC out of the model and lowering our base case by 20%. However, yesterday's share price reaction of -36% was too aggressive and probably exaggerated by the very weak market sentiment for biotech companies in general, but also suggests shareholder capitulation (high volumes).