Ablynx NV (Biotechnology, M/Cap €270 mn – BUY)

Ablynx is engaged in the discovery and development of nanobodies, a novel class of therapeutic proteins that blend the properties of small molecule drugs and monoclonal antibodies. The potential advantages of nanobodies over conventional antibodies could include lower costs, faster development times, the ability to modify potency and half life, broader drug target applicability and novel delivery routes. Nanobodies already have validation from large pharmaceuticals – Ablynx has deals with Pfizer, BI, Novartis and Merck Serono. Ablynx has six nanobodies in its clinic, but the two standout nanobodies in development are Ablynx’s ATN-103 Anti-TNF, partnered with Pfizer for RA, and ALX-0081 (Anti-vWF) for arterial thrombosis. For ATN-103, the company announced mixed top line results from its Ph II proof-of-concept and Pfizer are currently considering how to progress the molecule. ALX-0081 is current in Ph II.