New merged company approx £10m value in this sector12 Apr 2025 12:47
PharmaVentures engagement
The engagement of PharmaVentures, by the Company, is structured in two phases:
· Phase 1 - a review of comparable transaction valuations and market sizing exercise in relation to target clinical use of AWKN-001 and AWKN-002; and
· Phase 2 - transaction advisory support to guide the commercialisation strategy for AWKN-001.
Market opportunity for AWKN-001 and AWKN-002
The first phase of the engagement - the review of comparable transaction valuations and market sizing exercise in relation to target clinical use of AWKN-001 and AWKN-002 - has now been completed. The analysis by PharmaVentures shows the following:
· AWKN-001 is a novel investigational combination therapy for the treatment of severe AUD. It is targeting full mixed marketing authorisation in the UK and EU, with expected regulatory protection to include eight years of data exclusivity in the EU and ten years of concurrent market exclusivity in both regions
Based on a market analysis by PharmaVentures, comparable transactions for late-stage UK/EU-focused assets in the substance use disorder space, typically achieve a total deal value of approximately £60 million, in upfront and commercial milestone payments, plus additional future material royalties on net sales[2].
· AWKN-002 is a proprietary, investigational, patent-pending sublingual or buccal esketamine formulation designed for use alongside manualised behavioural therapy in patients with moderate to severe AUD. It is currently in Phase 2b planning in the US and is expected to follow the FDA's 505(b)(2) regulatory pathway.
According to PharmaVentures' market analysis, subject to the successful completion of the planned Phase 2b trial and based on similar transactions for mid-stage assets, comparable assets typically achieve a total deal value of approximately £150 million, in upfront and commercial milestone payments, plus additional future material royalties on net sales2.
Adrian Dawkes, Managing Director of PharmaVentures, commented: "Based on market comparables and recent transactions in the substance use disorder space, our analysis highlights the significant commercial potential of these two clinical-stage programmes with potential value based on comparable assets of more than £200 million as well as future material royalties on net sales. Combined, AWKN-001 and AWKN-002 represent a significant commercial opportunity with potential for significant licensing deals with substantial future royalty streams."