OSE Immunotherapeutics

EU: OSE

€56.1m market cap

€3.75 last close

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

Investment summary

OSE Immunotherapeutics is a drug developer that focuses on both oncology and immune disorders, with an R&D pipeline diversified across different indications and mechanisms of action. Long-term collaborations with top research institutions enable the company to identify novel targets in a cost-effective and time-efficient manner, and develop products for R&D and out-licensing. The success of this model is demonstrated by several commercial partnerships, including a deal with Boehringer Ingelheim (BI) in April 2018 for a total value of €1.1bn plus royalties. OSE’s most advanced internal programme is Tedopi for NSCLC (Phase III), with first results from 100 patients expected Q120/Q220. In February 2019, a milestone payment was triggered from Servier of €10m and a €15m milestone was triggered from BI in June 2019. OSE recently launched a new bispecific platform BiCKI which is in preclinical stage.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 6.7 (12.5) (12.6) (72.33) N/A N/A
2018A 24.5 5.0 4.8 38.47 9.7 29.4
2019E 16.6 (6.0) (6.1) (41.08) N/A 7.3
2020E 0.0 (22.7) (22.8) (152.56) N/A N/A
Industry outlook

OSE operates within the field of immunotherapy, and has products in development for both immunological diseases and cancer indications. We expect OSE’s strong relationships with research institutions and internal expertise to be a significant advantage in continuing to develop pipeline products with partnering potential.

Last updated on 14/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 12.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.1) 5.0 13.3
Relative* (6.1) (6.1) (1.0)
52-week high/low €4.3/€3.0
*% relative to local index
Key management
Dominique Costantini Chairman
Alexis Peyroles CEO