€140.9m market cap

€5.74 last close

Medigene is a German biotech company focusing on cancer immunotherapy. A T cell receptor (TCR) candidate has recently entered the clinic and a dendritic cell (DC) vaccine Phase I/II clinical study is ongoing in Phase II.

Investment summary

Enrolment of patients in Medigene’s MDG1011 Phase I/II trial continues, albeit at a slower rate than initially expected, with initial data from the first three dose cohorts expected in Q420. Following promising interim data earlier in the year, the company forecasts that top-line dendritic cell (DC) vaccine data will be presented in Q120. In expanding the clinical pipeline, Medigene has announced that MDG1021 (HA-1 targeting TCR) will start its clinical programme in H120. Partnerships continue to progress well with bluebird bio announcing that the MAGE-A4 product will enter the clinic in 2020. In addition, partner Cyotvant has announced that the first TCR (CVT-TCR-01) product candidate will focus on patients with either NY-ESO-1 expressing synovial sarcoma, MM or solid tumours, while a DC vaccine (CVT-DC-01) will be tested in patients with WT-1/PRAME expressing AML. We value Medigene at €465m (€18.94/share).

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 8.9 (14.6) (15.1) (71.93) N/A N/A
2018A 7.8 (16.3) (16.5) (69.82) N/A N/A
2019E 10.7 (27.6) (25.9) (105.46) N/A N/A
2020E 9.7 (26.4) (24.7) (100.88) N/A N/A
Industry outlook

Cancer immunotherapy is attracting huge biotech investor interest. Medigene’s DC vaccine technology is a new generation, with multiple potential efficacy and manufacturing benefits over the forerunners, eg Provenge. The TCR programme has similarities to CAR-T products, but with potentially significant efficacy and safety advantages.

Last updated on 18/11/2019
Share price graph
Balance sheet
Forecast net cash (€m) 42.1
Forecast gearing ratio (%) N/A
Price performance
Actual 3.3 3.3 (40.2)
Relative* (1.2) (9.5) (48.6)
52-week high/low €10.6/€5.5
*% relative to local index
Key management
Prof. Horst Domdey Chairman
Prof. Dr. Dolores Schendel CEO

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