Trinity Delta view: Avacta’s transition to a pure play oncology biopharma company is nearly complete, pending conclusion of the Coris divestment. Lead asset, AVA6000, has successfully demonstrated the pre|CISION platform’s ability for tumour-specific delivery of potent and toxic actives with minimal systemic effects and will render further clinical data in H225. Second asset, AVA6103, should enter the clinic in 2026, and will be the first programme to demonstrate the pre|CISION platform sustained release mechanism. This new IP, and a better appreciation of the scope of the pre|CISION platform gleaned from the Tempus collaboration, provides multiple new opportunities for Avacta to unlock value through generating and developing a pipeline of highly novel tumour targeting drug conjugates, subject to securing funding. Our last published Avacta valuation is £449m ($561m), equivalent to 119p/share (112p fully diluted).
