We raise our Abzena valuation to £105m (108p/share) following partner Gilead’s plans to accelerate the development of antibody GS-5745, with Phase III (gastric cancer) and Phase II/III (ulcerative colitis) studies to start in H215. Eight antibodies are currently in clinical development using Abzena’s technology, and more are expected to enter the clinic in the next 12-24 months. Abzena could receive small royalties on these products (and others such as antibody-drug conjugates, ADCs), which offer the prospect of substantial future revenues.
