ASIT biotech is an allergy immunotherapy (AIT) discovery and development company leveraging its proprietary ASIT+ platform. The lead product, gp-ASIT+ for grass pollen allergy, has already been tested in a Phase III trial. Although the study missed the predefined percentage difference in primary efficacy endpoint between placebo and the treatment group, a statistically significant reduction in allergy severity was demonstrated in the study. Having learnt the lessons and been encouraged by the opinion of the German regulatory authority, ASIT is now recharging for a confirmatory Phase III trial. Our valuation is €119.6m or €7.3/share.