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OSE Immunotherapeutics

EU: OSE

Market Cap€196.3m

Last Close €10.74

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 the recent positives was the FR104 (a CD28 antagonist) licensing deal signed with Veloxis Pharmaceuticals in the organ transplantation setting for a total of up to €315m in milestones plus royalties. Initial, positive data from the Phase I study of BI 765063 (SIRPa antagonist) in solid tumours were presented at ASCO 2021. This asset is partnered with Boehringer Ingelheim (BI) in a deal worth €1.1bn plus royalties. CoVepiT is a multi-epitope COVID-19 vaccine that could provide protection against emergent variants of COVID-19; enrolment and dosing into the Phase I trial was paused voluntarily in July due to some grade 1/2 adverse events. Upcoming newsflow from many other projects in the pipeline should provide continued catalysts and hence support the share price.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 26.0 (0.9) (1.2) (29.55) N/A 26.7
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 results, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.

Last updated on 16/09/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 19.3 (4.1) 65.2
Relative* 22.7 (3.7) 27.9
52-week high/low €15.0/€6.1
*% relative to local index
Key management
Dominique Costantini Chairman
Alexis Peyroles CEO