Allergy Therapeutics
Worthing, United Kingdom

Allergy Therapeutics specialises in the diagnosis and treatment of allergy. The existing European business generates c £80m annual sales. Near-term R&D efforts are focussed on the Pollinex Quattro platform, whilst in the medium-term the VLP platform is highly promising.

www.allergytherapeutics.com

Investment Perspective

Allergy Therapeutics continues to execute on its clearly defined three pillar strategy for growth in both the near- and mid-to-longer term. In Europe, interim results demonstrate continued robust performance. Key pipeline programmes Grass MATA MPL and VLP Peanut have also made significant progress, with both set to start major clinical trials this year. These high value and well differentiated assets underpin future entry into the commercially important US market. Cash of £41m, plus the £10m credit facility, should be sufficient to fund the planned Grass MATA MPL Phase III trial and VLP Peanut Phase I study, and so reach material value inflection points in 2023. Our £341.6m (53.1p per share) valuation suggests the pipeline value is under appreciated.

Market information

SymbolPrimary exchanges
AGYAIM London

Research

Solid commercial performance with major R&D upside
Outlook | 03 Mar 2022
FDA green lights VLP Peanut vaccine Phase I trial
Lighthouse | 26 Jan 2022
Commercialising and developing a differentiated portfolio
Update | 13 Jan 2022

Recent News

Data at WAO-BSACI
25 Apr 2022
H122 interim results
03 Mar 2022
New data at AAAAI 2022 meeting
01 Mar 2022
New credit facility secured
02 Feb 2022