Jpm on aria. Also best in class remarks. We maintain our view that ‘113 is best-in-class in ALK+ NSCLC for reasons of clear clinical activity in crizotinib-resistant disease and superior tolerability over LDK378 and thus has a high likelihood of success in this setting. While we remain optimistic about ‘113’s potential in resistant mEGFR, and we also believe that more data are required, particularly at 240mg, before conclusions around ‘113’s ultimate prospects in mEGFR disease are to be drawn. That said, at the current trading level of the shares, little to no value currently is being ascribed to ‘113. We currently assign a $3 NPV to ‘113 as part of our $32 price target, implying that ARIA is significantly undervalued on the basis of Iclusig alone (see Figure 1 for summary
