Trinity Delta Lighthouse: Avacta
Trinity Delta view: Avacta’s Diagnostics business has come of age during the COVID pandemic, demonstrating laudable technical abilities, speed of response, integrated development, and the ability to work with multiple partners. Irrespective of the commercial outcome of its Affimer-based COVID LFT, AffiDX SARS-CoV-2, this business has matured into a true diagnostics player. The near-term opportunities for AffiDX, while difficult to accurately quantify at this stage, are clearly attractive; however, we expect the Therapeutics pipeline to drive greater long-term value with the Affimer and pre|CISION platforms having the potential to generate an extensive pipeline of prospective products. Our Avacta valuation is £710m (280p/share), with the Diagnostic opportunities representing £133m and the Therapeutic pipeline rNPV £559m.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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