PROJECT KIKU -- BOARD DECISION
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 Class: STRICTLY PRIVATE - BOARD
 Meeting: Investment Committee

 DECISION
 The Investment Committee declines to proceed with Project KIKU.
 No bid will be submitted and no exclusivity will be sought.

 RATIONALE
   - product is effective but expensive
   - supply chain is narrow and cold-chain dependent
   - acquisition would require disproportionate post-close spend
   - reputational upside does not offset cost of goods delta
   - existing comparator remains safe, potent, and validated

 ACTIONS
   - Corporate Development to close out politely
   - Legal to confirm sample data retention rights
   - Research Leadership to retain assay results in restricted file
   - Finance to add Project KIKU to watchlist, no active pursuit

 The Committee thanks the evaluation team. This is a no-bid on
 economics, not a scientific rejection.

 Closeout: [CLOSEOUT-MEMO.TXT].