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.

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

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Key data on track, return to growth expected next year
Lighthouse | 15 Jul 2022
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

Recent News

Trading update
15 Jul 2022
Data at EAACI 2022
01 Jul 2022
CFO to step down
26 May 2022
25 Apr 2022