G309 exploratory grass trial on course for H221 read-out
Lighthouse | 6 May 2021
Trinity Delta view: The successful completion of the treatment period for Allergy Therapeutics’ G309 Grass MATA MPL trial and continued expectation of H221 top-line results means that the timeline for the G306 pivotal trial remains intact. It is the G306 study that will support European and, importantly, US approvals. ln Europe this approval will broaden prescribing beyond ‘named patient’ basis; in the US, Grass MATA MPL will likely become the first short-course, subcutaneous, and aluminium-free grass allergy therapy available. We value Allergy Therapeutics at £344.5m (53.8p/share), based on sum of the parts including a DCF of the commercial operations (£89.7m or 14.0p/share), an rNPV of the R&D pipeline (£210.3m, or 32.8p/share), and net cash.
6 May 2021
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.
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