Vivesto - Turnaround strategy beginning to deliver

Vivesto capped off its 18-month strategic turnaround with reduced Q1 losses and a stated focus on its 'string of pearls' strategy to build its oncology pipeline through in-licensing and M&A. In March, it successfully completed a rights issue, generating net proceeds of SEK134.6m, extending its runway into 2024. This is sufficient to cover a number of clinical and commercial inflection points and execute its strategy. Key upcoming catalysts include the planned 2022 UK and German launches of Apealea with partner Inceptua. We have updated our model for clinical timelines and the Q1 results, which resets our valuation to SEK2.24bn (from SEK2.89bn previously). We note that the company will appoint a new CEO following the departure of current CEO Francois Martelet in July.

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