Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: The positive top line results of the Grass MATA MPL G309 exploratory field study represent a major de-risking of the planned G306 pivotal trial. In turn, we view the G306 results as the gatekeeper to Allergy Therapeutics medium-term prospects, as subsequent regulatory filings and potential approvals will underpin Europe growth expectations and allow entry into the commercially significant US market. G309 results complement recent encouraging data from the VLP Peanut preclinical programme. Continued progress with both the VLP Peanut and Grass MATA MPL programmes will clearly unlock further valuation upside. We currently value Allergy Therapeutics at £350.7m, or 54.7p per share. Net of cash, the existing commercial business contributes £91.1m (14.2p/share) and the R&D pipeline £222.8m (34.7p/share).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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