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OSE Immunotherapeutics


Market Cap€186m

Last Close €10.2

OSE Immunotherapeutics is based in Nantes and Paris in France and is listed on the Euronext Paris exchange. It is developing immunotherapies for the treatment of solid tumours and autoimmune diseases and has established several partnerships with large pharma companies.

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Investment summary

OSE focuses on both oncology and immune disorders. Long-term collaborations with top research institutions enable it to identify novel targets in a cost-effective manner, which was particularly evident from the stream of announcements recently when the R&D pipeline expanded significantly. One of this year’s positives was the FR104 (a CD28 antagonist) licensing deal signed with Veloxis in the organ transplantation setting for a total of up to €315m in milestones plus royalties. First, positive data from the Phase I study of BI 765063 (SIRPa antagonist) in solid tumours were presented at ASCO and ESMO conferences this year. This asset is partnered with Boehringer Ingelheim in a deal worth €1.1bn plus royalties. OSE is also working on CoVepiT, a multi-epitope COVID-19 vaccine that could provide protection against emergent variants of COVID-19, currently in Phase I. Upcoming newsflow from many other projects in the pipeline should provide continued catalysts and hence support the share price.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 26.0 (0.9) (1.2) (29.55) N/A 25.4
2020A 10.4 (18.1) (18.5) (101.83) N/A N/A
2021E 16.0 (13.6) (14.1) (85.30) N/A N/A
2022E 0.0 (29.8) (30.4) (169.03) N/A N/A
Industry outlook

OSE has products in development for both immunological diseases and various cancer indications. As a result, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.

Last updated on 20/10/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 4
Forecast gearing ratio (%) N/A
Price performance
Actual (16.5) 13.3 52.7
Relative* (19.4) 7.4 13.9
52-week high/low €15.0/€6.3
*% relative to local index
Key management
Dominique Costantini Chairman
Alexis Peyroles CEO