Redeye still believes that, with the Medivir share trading at the same levels as a year ago, the stock market has not fully appreciated the company’s progress. We see three main reasons to invest in Medivir: fostroxacitabine bralpamide, its partnered projects, and its non-licensed projects (to which we attach optional value). Its aim with fostroxacitabine is to bring chemotherapy to advanced liver cancer, while Medivir’s flagship partnered candidate birinapant holds a licensing deal worth up to USD 350m plus royalties.