DAVY VIEW

Altan has submitted a new drug application in the US for its formulation of IV paracetamol. One of the drug’s key attractions is that it can be used as a form of non-opioid pain relief (opioid misuse and addiction in the US is a serious issue). The current US IV paracetamol market is estimated to be worth c.$300m+. Altan is one of Malin’s ‘growth potential’ assets and accounted for 14% of its total portfolio fair value (FV) at June 2018 (€401.6m). As a reminder, we think FY2019 FV will be driven mainly by Malin’s four ‘priority’ assets (72% of total portfolio FV) – in particular, Poseida.