Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: The start of Allergy Therapeutics’s G309 Grass MATA MPL trial is a defining step for the company. It will be used to inform the G306 pivotal trial that will support US approval, using the company’s significant experience and know-how to mitigate the risks inherent in Phase III allergy trials, and will also provide an archetype for subsequent Phase III trials for other MATA MPL assets (including birch and ragweed). The Grass MATA MPL Phase III programme will provide the clinical data to support regulatory approval in Europe and the US. In the former region, this approval will broaden prescribing beyond ‘named patient’ basis; in the US, Grass MATA MPL will likely become the first short-course, subcutaneous, and aluminium-free grass allergy therapy available. We currently value Allergy Therapeutics at £325m (51p/share), based on sum of the parts including a DCF of the commercial operations (£87m or 14p/share), an rNPV of the R&D pipeline (£204m, or 32p/share), and net cash.Allergy Therapeutics is a pharmaceutical group focused on allergy vaccination. Co. mainly sell its products in European countries and its pipeline of products in clinical development includes vaccines for grass, tree and house dust mite, as well as a peanut allergy vaccine in preclinical development. Co. sells a range of aluminium-free allergy vaccines and diagnostics. Co. sells both injectable and sublingual (oral) formats. The commonly prescribed are those for the treatment of pollen related allergies, particularly for allergies to grasses, weeds and trees. Co.'s vaccines trade under various brand names depending on the market, e.g. Pollinex Quattro, Polligoid and TA Graser Top.
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