Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Commercial launch of AT220 provides further evidence that Arecor’s innovative and lower risk pipeline is making tangible progress. Management has created a broad and well-balanced pipeline of innovative products that potentially offer similar milestone and royalty streams to classic drug discovery plays, yet with lower development risks and in a less costly and more rapid manner. The proprietary diabetes programmes, AT278 and AT247, are particularly attractive and underpin a sizeable portion of our valuation. However, due to the commercial sensitivities surrounding the partnered programmes there is limited disclosure, which means the investment appeal of these as well as the partnered and in-house Specialty Hospital product portfolio tends to be overlooked, yet their likely future revenue streams are appealing and their collective contribution could be sizeable. Our valuation, based on conservative assumptions, is £176m, equivalent to 575p a share.
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