Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: A deal with a major insulin device player such as Medtronic is undoubtedly a coup for Arecor, providing the opportunity to develop a closer relationship as well as broadening its existing diabetes franchise. This expanding franchise, centred on AT278 and AT247, now includes this novel implantable insulin-pump device combination with Medtronic (addressing an underserved niche patient population), an earlier co-development deal with TRx Biosciences to develop an oral GLP-1 (March 2024 Lighthouse), and the commercial product Ogluo, sold in the UK and Europe via Tetris Pharma. However, foremost in investor minds is the upcoming clinical readout from the AT278 Phase I trial, which should inform next steps for development and potentially stimulate interest from possible partners or collaborators. Ahead of data, our valuation remains £179m, equivalent to 583p per share.
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