Carnegie Investment Bank
Alzinova
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2023-12-11 Therapeutic Alzheimer's vaccine in the spotlight Download | Show Close
Research | 11 Dec 2023 | Alzinova

Therapeutic Alzheimer’s vaccine in the spotlight

 

A small company in an enormous market 

Alzinova is a Swedish biopharma company in the clinical phase of developing a therapeutic vaccine and a monoclonal antibody targeting Alzheimer’s disease. The company has identified a method to specifically target the toxic amyloid-beta oligomers in the brain – one of the underlying causes of Alzheimer’s. Alzinova’s leading drug candidate – the ALZ-101 vaccine – is currently undergoing a clinical ph Ib trial, with topline results for part A expected to be reported during Q4 2023. The company’s other drug candidate – the ALZ-201 monoclonal antibody – is in preclinical studies in preparation for a ph Ib trial.

Alzheimer’s – a widespread disease without a cure 

The prevalence of dementia is some 50 million people worldwide, and Alzheimer’s is the most common form of dementia, accounting for 60–70% of all cases. Alzheimer’s causes great suffering for patients while also burdening healthcare systems with substantial costs. Its high prevalence, in combination with these elevated healthcare costs, leaves considerable market potential for drugs targeting Alzheimer’s. The market for Alzheimer’s treatments is expected to grow by a 20% CAGR until 2030. The key drivers behind this growth include an ageing global population, which leads to an increase in the occurrence of Alzheimer’s, meaning the demand for effective therapies will continue to grow.

 

Blockbuster potential at high risk 

We believe Alzinova has, thanks to its exciting vaccine and antibody drug candidate, the potential to become an important differentiated treatment for Alzheimer’s patients. If Alzinova can take its lead drug candidate ALZ-101 to market with the help of a possible partner, the product has blockbuster potential, even with relatively narrow market penetration. A potential investor in Alzinova should thus be aware of the binary risk associated with an investment in biopharma, especially in the field of CNS (the central nervous system). This field has long been plagued by setbacks and failed studies, but the approval of lecanemab has sparked investor enthusiasm.

 

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