ANGLE: Gathering momentum in Pharma Services
Three new Pharma Services agreements with large cap pharma in 2024 demonstrate that ANGLE’s business development activities are successfully translating into customer income. These deals will make a valuable contribution to near-term revenues and also have the potential for more sizeable future revenues. Successful development of the underlying Parsortix-based assays could mean a transition into longer-term contracts for larger later-stage clinical studies, perhaps ultimately becoming companion diagnostics for commercial cancer drugs. Furthermore, the external validation provided by large cap pharma partners could facilitate future business development. Equally importantly, the resulting assays will augment ANGLE’s menu that it can offer other customers. ‘Content’ development should support both the products and services business lines, which along with clinical data generated with Parsortix to demonstrate utility in patient management, should help drive adoption. Our DCF-based valuation of ANGLE is £174m, or 67p/share.ANGLE is a holding company. Through its subsidiares, Co. operates as a medical diagnostic company focusing on the development of products in the fields of cancer diagnostics and foetal health. Co. develops products for use in rare cell diagnostics that enable early identification of an individual's condition for the prevention, treatment, and monitoring of disease. Co.'s principal trading activity is undertaken in relation to the development and commercialization of the Parsortix cell separation system, with deployment in liquid biopsy (non-invasive cancer diagnostics).
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