Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: Our investment case for Allergy Therapeutics centres on the R&D pipeline, where two novel programmes, Grass MATA MPL and VLP Peanut allergy vaccines, are progressing through clinical trials. Success with either of these would propel the company into new geographies, notably the commercially important US market. However, were VLP Peanut to confirm the highly promising preclinical results seen to date in future pivotal human trials, then the outcome would be transformational for Allergy Therapeutics. Our current valuation is £350.7m (54.7p/share), including cash and opex. We value the existing commercial business at £91.1m (14.2p/share) with the pipeline contributing £222.8m (34.7p/share). Allergy Therapeutics reports H122 results on March 3.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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