Destiny’s recent business update noted the continued partnering interest on XF-73 Nasal – its now lead product for the prevention of post-surgical staphylococcal infections now that NTCD-M3 has been partnered in the US – and the active discussions with potential partners who have access to the data room. The announcement also implied that the data room would include details and the requirements for the XF-73 Nasal clinical trial plan that has been agreed with the US FDA and the EMA for Europe.
The focus of the recent business update was the partnering of XF-73 Nasal which is the priority of the interim CEO and the new Consultant Head of Business Development. With the new hire’s experience in the US, like NTCD-M3, it is likely that the first (or only, if global) XF-73 Nasal licensing transaction will be for the US market because our estimates of XF-73’s peak sales are just over $2bn, with 97% of them in the US.
Their more recent announcement was on the positive Scientific Advisory Board (SAB) comments on XF-73 Nasal. Destiny could not have described the meeting as “positive” had the SAB not reviewed and endorsed the clinical program and endpoints for XF-73 Nasal’s Phase 3 studies. This will give both investors and potential partners additional reassurance.
Our fair value for Destiny Pharma plc remains at £254.7m (or 279 pence per share).
