Exclusive sheep vaccine licensing agreement

Late-stage vaccine opportunity. Eco Animal Health has signed a perpetual, exclusive licence agreement with Vaxinano for its sheep toxoplasmosis vaccine, adding a late-stage product with established safety and efficacy beyond proof of concept to the development pipeline.

Attractive commercial potential. The vaccine targets reproductive failure caused by Toxoplasma gondii, a significant cause of abortion and stillbirth in sheep. Management estimates peak annual revenue of c.£10m across the UK and Europe alone.

Leverages existing infrastructure. Development costs, including the upfront licence fee, are contained within the existing R&D budget, while Eco Animal Health’s established distribution network supports a de-risked route to commercialisation, initially in the UK and Europe.

Pipeline momentum continues. The agreement follows stronger-than-expected FY26 results and the recent EU launch of ECOVAXXIN® MS, highlighting continued progress towards commercialising a broader portfolio of animal health products. Shares trade at a discount to our unchanged Fair Value of 180p/share.