Early PQ912 data for Huntington’s; AD data soon

Probiodrug’s new preclinical data showed that PQ912 demonstrated efficacy in Huntington’s disease (HD) in an animal model. Subject to further preclinical work, PQ912 could be fast-tracked to the clinic, which would diversify Probiodrug’s R&D pipeline with a new indication. Much will depend on the outcome of the company’s milestone clinical Phase IIa SAPHIR trial with PQ912 for Alzheimer’s disease (AD) with the data readout shortly. PQ912 is a first-in-class small molecule glutaminyl cyclase (QC) inhibitor and represents a differentiated approach in the AD field. We value Probiodrug at €345m or €42.1/share.