HEIDELBERG BUY – TP EUR12 ADC platform with unique angle of ATAC

Heidelberg Pharma is leveraging its platform technology ATAC to develop novel antibody-drug conjugates. ATAC (Antibody Targeted Amanitin Conjugates) utilizes unique cytotoxic payload, amanitin, that could be delivered precisely to targeted cells and lead to immunogenic cell death. In our view, the company is at the sweet spot for investors as it is moving its first ATAC into the clinic and the early safety results could serve as significant catalyst for the stock and for additional partnership agreements in 2022. Heidelberg also supplies GMP-grade amanitin linkers and already demostrated the robustness of the process at the CDMO. With the secured manufacturing, the first IND and matured preclinical pipeline, we believe that the number of clinical-stage programmes could grow rapidly in the mid-term.