Over the past year, Oxford BioMedica’s outlook has been transformed. The near term is now geared to the emerging specialist production capabilities, where the expertise in cell- and gene-based medicine is increasingly appreciated. Progress on the development pipeline, notably the RetinoStat programme and, further out, ProSavin/OXB102, would add to our valuation. The longer term should benefit from additional collaborations for the late-stage projects, license income from the patent estate and other pipeline products. Our valuation is £356.1m (13.9p a share), with OXB Solutions valued at £233.5m (9.2p a share) and the pipeline at £122.6m (4.7p a share).