Start of pivotal Grass MATA MPL Phase III trial
Lighthouse | 8 December 2022
Trinity Delta view: The pivotal G306 Grass MATA MPL Phase III trial is one of two important clinical studies planned, with the other the Phase I PROTECT VLP Peanut trial. Data for both of these key pipeline assets are expected next year, with results from G306 during Q423. The G306 study is fully funded, and should generate reliable and robust results given the size and scope. Management sees $300-400m peak sales for Grass MATA MPL in the US, which could be transformational for Allergy Therapeutics. Our Allergy Therapeutics valuation is £260.8m (38.4p per share) which includes a pipeline valuation of £190.0m (28.0p/share), where we see material upside potential as key programmes, including VLP Peanut and Grass MATA MPL, progress. Following the manufacturing pause, management remains focused on cost control and capital management and is assessing and reviewing all funding options.
8 December 2022
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 focused on the Pollinex Quattro platform, whilst in the medium-term the VLP platform is highly promising.
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