Destiny’s AGM provided a summary of an eventful year that included the licensing of its lead Phase 3-ready asset NTCD-M3 and a successful fundraising. With attention turning to the partnering of its second Phase 3-ready product XF-73, the backdrop to new anti-infectives continues to be supportive. The AGM was preceded by the announcement of Destiny’s CEO’s departure: his interim replacement with a handover period is Dr Debra Barker, whom we have met previously. We regard Dr Barker as very competent and level-headed, plus there is the benefit of a listed anti-infectives company being led by someone with significant anti-infective drug development experience. Focus turns to its second Phase 3-ready product – XF-73 for the prevention of post-operative staphylococcal infections – and the once ‘left for dead’ anti-infectives space in big pharma is undergoing a renaissance. XF-73 has been developed without finding bacteria that are resistant to it and is being developed to prevent infections. This contrasts with Xacduro and gepotidacin which will only be prescribed to patients with a resistant infection. Our fair value for Destiny Pharma plc remains at £254.7m, or 279 pence per share.