€215.5m market cap

€8.78 last close

Medigene is a German biotech company with a core business in 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

Medigene is focused on the rapid development of its cancer immunotherapy technology platforms: dendritic cell (DC) cancer vaccines, adoptive T-cell therapy (TCR) and T-cell specific antibodies (TAB). A Phase II study is ongoing with DC vaccines for acute myeloid leukaemia. For TCRs, Medigene has initiated its first company-led trial with MDG1011 in patients with PRAME expressing AML, MDS or MM. Medigene has announced an exclusive licence agreement with Leiden University to develop TCRs against HA-1 antigen. Its partnership with bluebird bio to utilise its TCR technology platform was recently expanded (US$8m one time payment, US$1m achieved milestone payment, US$250 milestones per target, tiered royalties) to now include six therapeutic candidates. Medigene is well-funded to execute its clinical programme, as of 30 September net cash (including time deposits) was €76.3m.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 9.7 (12.4) (13.4) (66.20) N/A N/A
2017A 11.4 (12.1) (12.4) (60.42) N/A N/A
2018E 10.4 (16.7) (16.3) (70.03) N/A N/A
2019E 11.0 (17.9) (17.1) (70.01) N/A N/A
Last updated on 19/03/2019
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 19/03/2019
Share price graph
Balance sheet
Forecast net cash (€m) 68.1
Forecast gearing ratio (%) N/A
Price performance
Actual 1.0 18.0 (47.6)
Relative* (3.1) 7.8 (45.7)
52-week high/low €16.8/€7.3
*% relative to local index
Key management
Prof. Horst Domdey Chairman
Prof. Dr. Dolores Schendel CEO

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