Onwards and upwards

Now that all the resolutions for Destiny’s fundraising that needed shareholder approval have been passed at its general meeting, we have taken the opportunity to update both our valuation and financials. Our valuation of the business increases marginally because, while we had lower milestone payment and royalty totals, they are partly offset by a launch a year later than we originally forecast.

Our financials now reflect the milestone payment received, the cash raised and the higher share count. We have also extended out our forecasts for Destiny to YE 2024 since the company has stated that the Sebela transaction and the fundraising extends their cash runway until late 2024.

The Sebela deal and fundraising have put Destiny into a position of significant strength for the subsequent deals. Whilst not publishing forecasts beyond 2024, it is possible that with the flow of milestones and royalties from both licensing transactions, Destiny as it stands today may not need to come back to the markets again.

Our fair value for Destiny Pharma plc has increased modestly to £251.9m (or 267 pence per share) from £251.2m (or 345p per share), with the higher share count leading to the per share change.