EVT302 has failed to meet the primary endpoint of a Phase IIb trial in Alzheimer’s disease. Partner Roche will now fully evaluate all secondary endpoints to determine EVT302’s future. We have lowered EVT302’s probability of success to 5% (from 20%), reducing our valuation to €486m. Despite this pipeline disappointment, we continue to believe that Evotec remains well placed to accelerate growth, with the Sanofi deal providing capacity, guaranteed future revenues and enhanced capabilities.