When Biovica announced that the FDA was not yet ready to accept Biovica’s updated application, this triggered a severe negative overreaction despite no impact on fundamental support. Biovica announced the Novartis independent large study (BioItaLEE) indicated prognostic support for DiviTum in combination with Novartis CDK 4/6 inhibitor Kisqali (ribociclib), this triggered no positive reaction despite the, in our view, obvious fundamental support. If anything, this study gives more support for our Bull case. Our value proposition remains a base case value of SEK 95 (Bull SEK 325 and Bear SEK 20).