Update: Preparing to unlock US value of Pollinex Quattro
Allergy Therapeutics (AGY) will start PQ Grass US approval studies inQ315. The convenience of the ultra-short course vaccine and US physician
preference for subcutaneous immunotherapy (SCIT) could lead PQ to gain
a large share of the c $2bn allergy immunotherapy (AIT) market given that
it could be the first licensed seasonal SCIT. The acquisition of Alerpharma
reinforces AGY’s position in the c €72m Spanish AIT market and enlarges
its manufacturing capability. Our DCF valuation increases to £260m.
Allergy Therapeutics is a pharmaceutical group focused on allergy vaccination. Co. mainly sell its products in European countries and its pipeline of products in clinical development includes vaccines for grass, tree and house dust mite, as well as a peanut allergy vaccine in preclinical development. Co. sells a range of aluminium-free allergy vaccines and diagnostics. Co. sells both injectable and sublingual (oral) formats. The commonly prescribed are those for the treatment of pollen related allergies, particularly for allergies to grasses, weeds and trees. Co.'s vaccines trade under various brand names depending on the market, e.g. Pollinex Quattro, Polligoid and TA Graser Top.
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