FY16 results were strong, with 28% like-for-like total revenue growth reported (74% growth including the £2.7m contribution from its acquisitions late 2015). It has been a pivotal year for Abzena as it has expanded its business to provide a broad range of services from antibody discovery through to GMP manufacturing for Phase I/II trials. Alongside this, its clinical Abzena inside pipeline continues to grow, with 11 products now in the clinic and progressing toward commercialisation, most notably GS-5745 in gastric cancer. We have increased our valuation to £133m (from £130m) but expect upside to this as the portfolio progresses and further licensing deals are announced.
