London, UK, 15 March 2023

Amoéba (ALMIB): Initiation of coverage – Fighting pathogens, respecting nature

During 2022 Amoéba secured regulatory approval in the United States and a recommendation for approval in the European Union for the active substance used in its innovative biological fungicides. It is now looking to raise €45m to fund operations and site expansion over the next three years. €23m of the financing will be for capital expenditure, primarily on a production plant capable initially of manufacturing sufficient active substance annually to treat 100,000 hectares of crops, 200,000 hectares when extended. Management plans to have this operational by early 2025 to support product roll-out, subject to Amoéba receiving regulatory approval for individual fungicides containing the active substance in 2024.

We are not attempting to calculate a valuation at present. The proposed production plant and extension will be capable of manufacturing sufficient active substance annually to treat 200,000 hectares of crops, which we estimate could represent annual revenues of €26m and gross profit of €19.5m at full utilisation. This is a very small share of the global biocontrol agents market, which a report published by P&S Intelligence noted was worth c $4,850m in 2021 and predicts will increase to c $13,600m by 2030 (ie a CAGR of 12.2%), so further production facilities could follow.

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