Oxford Biomedica (OXB) announced that it has signed a new three-year Master Services and Development Agreement with AstraZeneca (AZN) for future production of the AZN COVID-19 vaccine. As an expansion of the original agreement signed in September 2020, AZN will now have access to OXB’s world-class Oxbox manufacturing facilities on an as-needed basis from the start of 2023. Management expects revenues of approximately £30m from AZN in FY22 for batches of the vaccine already manufactured in 2022 under the original agreement. In addition, Novartis recently announced encouraging five-year follow-up data from the ELIANA clinical trial investigating the use of Kymriah in the treatment of relapsed or refractory (r/r) B-cell acute lymphoblastic leukaemia (ALL). OXB is the sole global supplier of lentiviral vector for Kymriah. We view both announcements as a positive for OXB’s future revenues. Our valuation and forecasts are currently under review.