Avacta: So much more than a play on COVID testing
Avacta is a UK-based diagnostic and nascent clinical stage drug development company. Much investor attention has focused on the near-term commercial opportunities for its point-of-care COVID-19 LFT (lateral flow test). Attractive as these prospects are, we argue greater long-term value lies within the Therapeutics pipeline. The first programme from the two proprietary platforms, Affimer and pre|CISION, is set to enter human trials. Successful clinical results would validate the concept and support a material broadening of the pipeline. Ample news flow is expected over 18-24 months, providing multiple value-inflection points. Our valuation is £710m, equivalent to 280p/share.Avacta Group is a biotechnology company that is developing biotherapeutics and reagents based on its proprietary Affimer technology, an engineered alternative to antibodies. Affimer® reagents and therapeutics are a class of non-antibody binding proteins that have been engineered for a range of applications where antibodies and aptamers have limitations. Co. has two operating segments: Life Sciences, which provides custom Affimers for reagents and diagnostics, drug and biomarker discovery in biotech research and development; and Animal Health, which provides tools and contract services to assist diagnosis of conditions in animals to enable treatment for veterinarians.
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