Destiny have announced a trading update that includes a bolus of progress on the partnering of its two Phase 3-ready products. A transaction for NTCD-M3 has reached the heads of terms and exclusivity stages, while on XF-73 the partnering process is underway and aiming for a 2023 deal.
Destiny have agreed heads of terms and entered into exclusivity with a US pharmaceutical company for the funding of the Phase 3 program and commercialization of its lead Phase 3 product, the non-toxigenic Clostridioides difficile strain M3 (NTCD-M3) for the prevention of C.difficile infections. The transaction is expected to be announced in early 2023.
The update also included the detail that an active partnering campaign is now ongoing for Destiny’s second Phase 3-ready product XF-73 nasal gel for the prevention of post-surgical staphylococcal infections. With early discussions underway, we have not changed our model that anticipates a transaction in 2023.
Our Fair Value for Destiny Pharma remains unchanged at £251.2m or 345p per share.
