Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s revenue base is becoming increasingly diverse with growing contributions from Tetris Pharma product sales and nascent recurring royalties from the first approved Arestat-enabled product, on top of licence milestones and revenues under formulation development contracts. Continued deal execution has the potential to drive meaningful future royalties from multiple partners, building on the continued momentum from existing assets and partners. Topline data in H124 from the AT278 Phase I trial in Type II diabetes patients is an important catalyst, informing next steps for development and partnering/collaboration strategy. This disruptor insulin, which has the potential to address key unmet needs in diabetes, is one asset in the in-house portfolio of Diabetes and Specialty Hospital products, which together have significant upside potential. Our valuation is £179m, equivalent to 583p per share.
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