Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: The positive biomarker study results pave the way for an IND submission in late-2021 and Phase I trial start in Q122. As peanut allergy is one of the most common food allergies, and a leading cause of severe and fatal food-induced anaphylactic reactions, it was imperative to establish that the VLP Peanut vaccine candidate is hypoallergic. The data also increase confidence in the clinical relevance of the encouraging preclinical data, although it will be the results of the PROTECT trial that confirm this. With US patents granted, and applications in the national phase in other regions, Allergy Therapeutics is now able to make further VLP-related disclosures at its KOL event. Ahead of this, and top-line results of the Grass MATA MPL G309 exploratory field study anticipated in calendar H221, we continue to value Allergy Therapeutics at £344.5m (53.8p/share). Our SOTP includes a DCF of the commercial operations (£89.7m or 14.0p/share), an rNPV of the R&D pipeline (£210.3m, or 32.8p/share), and net cash (6.9p/share). Positive clinical data from the VLP Peanut and Grass MATA MPL programmes has the potential to unlock further upside.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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