Positive top line G309 results for Grass MATA MPL
Lighthouse | 25 October 2021
Trinity Delta view: The positive top line results of the Grass MATA MPL G309 exploratory field study represent a major de-risking of the planned G306 pivotal trial. In turn, we view the G306 results as the gatekeeper to Allergy Therapeutics medium-term prospects, as subsequent regulatory filings and potential approvals will underpin Europe growth expectations and allow entry into the commercially significant US market. G309 results complement recent encouraging data from the VLP Peanut preclinical programme. Continued progress with both the VLP Peanut and Grass MATA MPL programmes will clearly unlock further valuation upside. We currently value Allergy Therapeutics at £350.7m, or 54.7p per share. Net of cash, the existing commercial business contributes £91.1m (14.2p/share) and the R&D pipeline £222.8m (34.7p/share).
25 October 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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