M3's profile rising further
In a spree of positive updates to start 2022, Destiny Pharma begins the year with the profile of anti-infectives continuing to rise after the recent Lancet publication, the advancing regulatory preparations on the Phase 3 studies of its two lead products, and partnership discussions all aligning. Destiny’s most recent announcement on the compatibility of M3 should increase its attractiveness to potential partners.The recent announcement of the preclinical studies conducted by the US Department of Veterans Affairs demonstrated 100% colonisation of the gut by M3 following treatment. Other news included the relevance of the Lancet report which estimated over one million deaths in 2019 due to antimicrobial resistance (AMR), and the importance of infection prevention – the indication for Destiny’s second Phase 3-ready product, XF-73 in high-risk surgical patients.
XF-73’s regulatory discussions are expected to conclude in H1 2022, and preparations for M3’s Phase 3 study likely to start in 2022. We have made small adjustments to our valuation for Destiny Pharma which are the deferral of a licensing transaction to FY 2022, and in consequence, the launch of XF-73 by a partner in FY 2025 (previously 2024), and updated exchange rates.
Our fair value of Destiny Pharma is now £187.9m or 314p per share, compared to £200.2m or 335p per share, previously.
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