The Oxford based drugmaker Summit Corporation (LSE: SUMM) announced today that the antibiotic SMT19969 has been designated by the US regulator as a Qualified Infectious Disease Product (‘QIDP’).
The drug, which treats C. difficile infection, is therefore eligible for priority review and fast track status under the Generating Antibiotics Incentives Now Act.
The QIDP designation also qualifies SMT19969 for five additional years of marketing exclusivity.
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The chief executive, Glyn Edwards, said:
“This status recognises the serious healthcare threat posed by pathogens such as C. difficile and it will confer a number of advantages that will accelerate the development of this promising and differentiated antibiotic with the potential to treat initial CDI and reduce the high rates of disease recurrence, the major clinical issue.”
Summit shares trade at 17 times forecast earnings which is a more punchy valuation than its blue-chip sector peers. The decision to ‘buy’ would depend on further investigation into the drugs pipeline.
