Having established itself as a leading innovatorin pharmaceucal outsourcing forsmall molecule R&D, Evotec made an important step into the biologics market in 2019 with the acquision of Just Biotherapeucs ("Just Bio"). With biologics accounng for over half of the global pharmaceucal pipeline, the acquision provides accessto the lion's share of the $180bn drug development spend; synergies between Just Bio and EVT's established plaorm potenally doubling EVT's forecast revenues. EVT's capabilies now encompasssmall molecules, celltherapies(through IPSC), monoclonal anbodies, panomics capabilies, and ansense and recently gene therapies. This allows EVT to provide an unbiased, mul-modal, best in class drug development soluon to its EVT Execute biotech and pharma customers, and, with access to low cost capital, a powerful plaorm to drive proprietary development through EVT Innovate. We increase our target price ("TP") to €32 per share to beer capture the potenal upside from an integrated Just Bio and the addion of a new, proprietary biologics pipeline to be commercialised in the next 3 - 5 years.