RE: Anyone seen the Berenberg report out today ?5 Jan 2024 14:15
Yes had it yesterday, here it is
ANGLE has announced a pivotal contract with Eisai Inc for a pilot study involving ANGLE’s
Portrait HER2 assay in a Phase II study of the HER2 targeting antibody-drug conjugate, BB-
1701. This is both a valuable contract, worth $250,000 over the study’s duration, but also
marks a significant milestone for ANGLE, offering potential for extensive follow-up studies
and establishing a promising collaboration with a major company in the pharmaceutical
industry.
● First large pharma collaboration: This contract represents ANGLE’s first large
pharmaceutical deal, with Eisai Inc generating more than £4bn in annual sales. Eisai has a
global stature and strong pipeline emphasis on oncology, and the success of this pilot study
could lead to numerous large-scale projects, signifying a substantial opportunity for growth
and market expansion for ANGLE.
● The significance of BB-1701: BB-1701, co-developed by Eisai and Bliss Biopharmaceutical as
part of a notable $2bn deal, is a novel therapeutic in the realm of HER2 targeting antibodydrug
conjugates (ADCs). This new class of compounds is revolutionising breast cancer
treatment, offering targeted, potent treatment while minimising impact on healthy tissues.
Comment: This contract with Eisai Inc represents a landmark achievement for ANGLE,
signifying its entry into high-profile pharmaceutical collaborations and the potential for a
transformative impact in oncology therapeutics. While ANGLE’s approach remains novel and
hence less likely to be trialled during periods of weak biotech funding, we continue to think it
offers significant potential in one of the most attractive cancer diagnostics niches, and with a
fresh commercial muscle, products and now strong validation, the shares could trade very
well as biotech funding recovers.
● We arrive at our 120p price target using a risk-adjusted NPV (rNPV) to value each of ANGLE's
opportu