Hyloris FIRST LOOK: Management step down after conclusion of forensic review

Hyloris provided an update following completion of the independent forensic investigation with respect to the QliniQ transactions. While management dispute the findings of the independent forensic review, they have proposed to step down from their roles in the interest of the company. In addition, we welcome the board's decision to strengthen Hyloris' governance, which in our view will contribute to building investor trust going forward. This aside, we continue to believe in the business case, and reiterate our Accumulate rating and € 21 TP.