Arecor Therapeutics: Ambitious, focussed, and delivering on its promise
Arecor has delivered FY21 results in-line with expectations. More importantly, these demonstrate continued progress and highlight the breadth of opportunities to which the Arestat platform, and in-house formulation expertise, can be applied. There are five additional technology partnerships, with sizeable players, that generate near-term value, validate the technology, and offer future significant licence potential. However, it is the in-house diabetes programmes, AT247 (ultra-rapid insulin) and AT278 (ultra-concentrated ultra-rapid insulin), that we find particularly attractive. Phase I data suggest both have highly promising, differentiated profiles that are particularly suited to emerging pump applications and high insulin users. We value Arecor at £140.9m, or 506p per share, with significant upside from clinical and operational progress.
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