Encouraging expansion of vaccine R&D pipeline
ECO Animal Health has undertaken what represents a potentially important expansion of its R&D pipeline via a collaboration to develop veterinary vaccines against three porcine infectious disease targets using a novel self-amplifying RNA (saRNA) technology developed by Professor Robin Shattock of Imperial College London. The collaboration will assess saRNA-based veterinary vaccines against two viral and one bacterial infection in ECO’s validated swine disease models with a view to selecting candidates for development and commercialisation under license from Imperial College.The company is due to report its financial results for the year to March 2022 next month, with consensus suggesting sales of c. £81.5m and adjusted EBITDA of £6-7m. Both will be lower than exceptional levels seen in 2021. Current ECO’s enterprise value is £64m (based on forecast cash of c £18m) suggesting an EV/sales ratio of 0.8 and EV/EBITDA of ~9-10, both of which are well below norms in the animal health sector (peer group EV/sales 2.5-3.0x). ECO resumed payment of a dividend in 2021, at 1p/share, that if repeated, would offer a yield of 0.8%.
Eco Animal Health Group is engaged in the manufacture and supply of animal health products. Co.'s activities were conducted through a network including both regional offices, (notably in Shanghai and Princeton) and overseas subsidiaries. Co.'s patented molecule, Aivlosin® is used for the treatment of pigs and poultry diseases and is prescribed under veterinary control for the short duration treatment of diagnosed diseases. Co.'s products also include Ecomectin, an endectocide that controls worms, ticks, lice and mange in grazing stock and pigs.
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