A group transformed
While completing the Phase 2b study of their first product, Destiny have announced the planned acquisition of an exciting late-stage preventative product and a fundraising to support its Phase 3 development.Along with the previously announced agreement with SporeGen on the preventative therapy for COVID-19, Destiny’s portfolio is being transformed by its business development spurt. The acquisition of the global rights to non-toxigenic Clostridiodes difficile strain M3 would catapult Destiny’s pipeline into late stage development whilst reinforcing its strategic bent on preventative microbiome-promoting therapies.
Subject to GM approval, there is a conditional placing and Open Offer of up to £11.5m to fund the acquisition and development of M3; including finalising manufacture, and general working capital expenses. The Phase 3 study protocol of M3 was confirmed with the FDA in July 2020 and will be 800 patients randomised 2.2:1 active to placebo.
On full completion, our valuation of Destiny Pharma increases from £84.5m (193p per share) to £138m (224p per share).
Pfizer is a research-based biopharmaceutical company. The company is engaged in discovering, developing, manufacturing and distributing of healthcare products, including medicines and vaccines. The company manages its commercial operations through three businesses: Pfizer Biopharmaceuticals Group, which includes Oncology, Inflammation and Immunology, Rare Disease, Hospital, Vaccines and Internal Medicine business units, as well as a hospital business unit; Upjohn, which includes the company's solid oral dose brands such as Lyrica, Lipitor, Norvasc, Celebrex, Viagra, and certain generic medicines; and Consumer Healthcare, which is an over-the-counter medicines business.
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