Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: The key value driver for Arecor with the biggest upside potential is the diabetes and obesity franchise, in our view. The highly positive Phase I data for lead asset AT278, a potential disruptor insulin, strongly support conducting a pump study, and we believe Arecor is well positioned to determine the most optimal route forward. In addition, whilst early-stage, the oral GLP-1 programme could have significant commercial potential, and progress will help validate oral delivery of peptides, a technically challenging but highly desirable alternative to typical injections. This could broaden Arecor’s existing formulation expertise, which underpins the current growing technology partnership portfolio; more deals are expected, all of which could lead to future upside from licensing. Our Arecor valuation is £157m, equivalent to 415p per share.
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