Arecor Therapeutics: Broadening opportunities and preparing for the future
Arecor is successfully progressing its in-house pipeline, with both key diabetes programmes, AT247 (ultra-rapid insulin) and AT278 (ultra-concentrated ultra-rapid insulin), undergoing Phase I studies. Recent AT278 data demonstrated the promising profile, which is especially suited to high-dose insulin users and will be further explored in an upcoming Phase I study in Type II diabetes. AT247 data from a US insulin pump trial is expected shortly and will similarly guide its likely role in the nascent, and commercially important, insulin pump market. The recent acquisition of Tetris Pharma, supported by a £6m equity raise in August, brings near-term revenues and longer-term operational flexibility. Updating our rNPV model for H122 results and the acquisition generates an Arecor valuation of £177m, or 581p per share.
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