Avacta
Targeting the tumour microenvironment with pre|CISION
Avacta’s growing knowledge base and expertise is cementing its leadership position in FAP-enabled biotherapeutics. Lead clinical asset, AVA6000 (FAP-Dox) is the first of a series of pre|CISION-based modalities that have the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs. Other novel programmes AVA6103 (FAP-EXd) and AVA7100 (an Affimer-drug conjugate platform) further broaden the potential utility of the pre|CISION platform. Progress into the clinic and successful clinical results over the next 24 months should provide multiple value-inflection points. We value Avacta at £439m, or 119p/share.