Ryvu Therapeutics (formerly Selvita) is now trading as a standalone biotech after its drug discovery services business was spun out in October 2019. According to the recent Q319 report, R&D progress is on track and 2020 is shaping up to be rather eventful, including expected data readouts from the two clinical trials with lead assets SEL120 and SEL24/MEN1703. Although the trials are early in terms of clinical development (Phase Ib and Phase I/II), they both include secondary endpoints, which will evaluate anti-cancer activity of the compounds. We therefore expect the data readouts to be meaningful catalysts for the share price. Using the same approach and assumptions we developed for the former Selvita’s Innovation segment, our Ryvu valuation is PLN1.08bn or PLN67.4/share.
