Merrill retains Alizyme at buy

Alizyme was retained at its buy rating by Merrill Lynch analyst Peter Welford based on a higher probability of licensing the obesity drug cetilistat and the inclusion of mucositis drug ATL-104 in the analyst's sum-of-the-parts valuation. This follows positive phase 2b (cetilistat) and phase 2a (ATL-104) clinical data. Alizyme's future is dependent on licensing cetilistat, since the company is unable to fund further development into phase 3 trials. Given the unclear addressable market, pricing and development timeline, ATL-104 remains only a significant upside opportunity. Shares of the Cambridge, U.K., drug development company were up 5.50p, or 3.24%, at 175p on volume of 930,385 shares. (London: AZM)

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