MaaT Pharma Partnership with Clinigen secures MaaT013's EU commercialisation

MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on the market in this therapeutic area. Additionally, we note that the € 10.5m upfront extends MaaT's cash runway to January 2026, providing the company with breathing room to secure additional funding to advance the remainder of its pipeline. We will incorporate this deal in a future model update, and reiterate our € 17 TP and Buy rating.