Support on both fronts
Destiny’s most recently acquired Phase 3-ready product, the non-toxigenic Clostridioides difficile strain M3 (NTCD-M3), appears to be in the right place, at the right time.November is C.difficile awareness month and Destiny’s consultant and Advisory Board member Professor Dale Gerding has just presented at the C.difficile International Conference. We have collated data on these recent presentations, and results from competitors to Destiny Pharma’s NTCD-M3 product for the prevention of recurrent CDIs, and find M3 to be superior in almost all respects.
A recent clinical study noted in an announcement by Destiny highlighted the role of nasal decolonisation in the prevention of post-surgical staphylococcal infections. Investors will remember that Destiny’s home-grown Phase 3-ready product, XF-73 has been successful in Phase 2b in this indication and the results were summarized in our previous note.
Our valuation for Destiny Pharma remains unchanged despite the recent supportive news flow as we await news on partnering and the Phase 3 studies. We continue to expect a licensing transaction for at least one of Destiny’s Phase 3-ready products, and our fair value remains at £200.2m or 335p / share.
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