Shield Therapeutics - 2021 focus on Accrufer

Shield Therapeutics (STX) successfully launched its key asset, Accrufer (oral ferric maltol for iron deficiency), in the US market on 1 July, in line with previous guidance. The US commercialisation of Accrufer is key to unlocking value (the US iron market is a huge market at ~10 million patients per year and is the key value driver) and FDA approval in 2019 led to the broadest possible label, which encompasses iron deficiency from any cause. The H121 results reported total revenue of £0.5m entirely from royalties on Feraccru sales from European partner Norgine (versus £8.9m in H120, of which £8.7m related to a milestone payment from ASK Pharm for China rights). We value STX at £631.3m or 293p/share.