£2187m market cap
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Ultimovacs’ R&D pipeline has been transformed over the past few weeks. Although delayed by the pandemic, the company has delivered on its promise to initiate a third Phase II trial (UV1 durvalumab and olaparib in ovarian cancer) led by investigators, with combination drugs supplied by AstraZeneca. The recent surprise was, however, the fourth Phase II trial (UV1 plus pembrolizumab in head and neck cancer). Ultimovacs is sponsoring its flagship INITIUM trial (UV1 plus ipilimumab and nivolumab in melanoma), while the other three are led by investigators that are top European oncology organisations. So, in our view, it is the ability to forge relationships with different stakeholders that allowed such an expansion of the pipeline and will ensure eventful years in 2022 and 2023.