Open Orphan: Unlocking the value of non-core assets ORPH has firmly established its core pharma services offering, underpinned by the world-leading quarantine facilities, unique challenge study models and its established clinical trial services. ORPH is focusing on converting an extensive and substantial amount of non-Covid-19 related services worth over £100mln. This is in addition to substantial contracts already signed with the UK Government for COVID-19 vaccine challenge studies, pending finalisation of the characterisation study anticipated imminently. Furthermore, after extensive integration and restructuring in the past 18 months the company was finally profitable in the fourth quarter (Q4) of 2020 and continues during 2021 to perform very strongly according to plans. The company is also advancing its strategy of maximising the value of its non-core intellectual property (IP) assets to return value to existing shareholders. ORPH has received legal approval for a capital reduction relating to the current or future demerger of its non-core assets via spin-off into separately listed companies, to grant new share allotments or dividends, potentially crystallising the value of these assets.