Arecor: Formulating the recipe for success
Arecor is exploiting its proprietary formulation expertise to create a portfolio of clinical assets. Drug agnostic technology partnerships with established global companies and internal work focused on Diabetes and Specialty Hospital Products are two sources of potential future licence deals. Arecor currently has four partnered products that will generate development and commercial milestones, plus royalties on sales. More significantly, select assets are in development in-house through to greater value-generation points, typically Phase II proof-of-concept, before out-licensing. Two projects, AT247 (ultra-rapid insulin) and AT278 (rapid ultra-concentrated insulin), are progressing through Phase I and show highly promising, differentiated profiles. The recent IPO raised £20m ensuring sufficient funding to achieve several material inflection points. We initiate coverage with a valuation of £103.7m, or 374p per share.
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