Positive signals in business update OXB has released a business update this morning, reiterating previous guidance of approx. £90m of revenue for FY’23, a £10m HoH improvement in operating EBITDA for H2’23 and at least a doubling of annual revenue by FY’26, in line with our expectations. Guidance excludes the impact of the ABL Europe SAS acquisition (expected to complete in Q1’24). As announced yesterday, Oxford BioMedica has entered into a sale and purchase agreement with Institut Mérieux for the acquisition of ABL Europe for a consideration of €15 million, expanding the company’s capability across all viral vector types and establishing a footprint in the EU, with facilities in Lyon and Strasbourg. In the US, significant progress is being made in transferring viral vector development and manufacturing capability to the company’s site in Bedford, MA. Our view A positive update, reiterating guidance for a performance in line with our expectations. We place our target price under review. Reiterate Hold.