While completing the Phase 2b study of their first product, Destiny have announced the planned acquisition of an exciting late-stage preventative product and a fundraising to support its Phase 3 development.
Along with the previously announced agreement with SporeGen on the preventative therapy for COVID-19, Destiny’s portfolio is being transformed by its business development spurt. The acquisition of the global rights to non-toxigenic Clostridiodes difficile strain M3 would catapult Destiny’s pipeline into late stage development whilst reinforcing its strategic bent on preventative microbiome-promoting therapies.
Subject to GM approval, there is a conditional placing and Open Offer of up to £11.5m to fund the acquisition and development of M3; including finalising manufacture, and general working capital expenses. The Phase 3 study protocol of M3 was confirmed with the FDA in July 2020 and will be 800 patients randomised 2.2:1 active to placebo.
On completion, our valuation of Destiny Pharma increases from £84.5m (193p per share) to £138.0m (224p per share).
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