Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: The start of the biomarker study of Allergy Therapeutics’ peanut allergy vaccine candidate represents a step forward for this development programme and should facilitate a smooth transition into Phase I later this year. It is the first VLP-based vaccine in Allergy’s portfolio and addresses a sizeable and underserved market. The collaboration with Imperial College is significant as both the peanut allergy biomarker study and the wider collaboration should generate important new insights that can used by Allergy in the design of future allergy immunotherapy clinical trials, mitigating the risks of inconclusive results based on subjective endpoints. Our current £325m (51p/share) SOTP valuation of Allergy Therapeutics includes a DCF of the commercial operations (£87m or 14p/share), a pipeline rNPV (£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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