Our previous note discussed Destiny’s acquisition of the Phase 3-ready NTCD M3 product for the prevention of Clostridiodes difficile infection and the associated fundraising to acquire and develop the asset. All resolutions relating to the acquisition and fundraising have been approved by shareholders and Destiny has successfully raised £10.4m gross, which is now included in our financials (and valuation), net of our estimate of costs.
One of the original assumptions in our forecast for Destiny’s first product, XF-73 for the prevention of post-surgical staphylococcal infections, was that it would share the US market with GlaxoSmithKline’s Bactroban Nasal - despite Bactroban Nasal not being approved for this indication. We also referenced Bactroban Nasal’s US price in estimating the price for XF-73 in all markets. Bactroban Nasal has now been discontinued in the US, so we adjust some of our modelling for its removal.
We have updated the valuation for Destiny Pharma to reflect both the increase in the uptake of XF-73 once approved due to the removal of Bactroban Nasal’s competition, and the final numbers of the approved fundraising.
Our fair value of Destiny rises from £138.0m (224p / share) to £156.9m (262p / share).
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