Transgene

EU: TNG

€157.2m market cap

€1.89 last close

Transgene is a French company developing immunotherapy agents for cancer and infectious diseases. Oncolytic virus Pexa-Vec (Phase III for HCC) and cancer vaccine TG4010 (Phase II for NSCLC) are the lead clinical candidates.

Investment summary

Transgene is developing viral vector-based immunotherapies for combination therapies in oncology and infectious diseases. The company is running multiple clinical trials, notably a Phase II trial combining TG4010 with Opdivo and chemotherapy in first-line NSCLC. Transgene and partner SillaJen have announced the termination of the global 600-patient Phase III study (PHOCUS) for Pexa-Vec+sorafenib in advanced liver cancer. Next-generation platforms Invir.IO and myvac continue to progress, with new myvac asset TG4040 expected to enter the clinic in H219. Transgene has announced a new collaboration and licensing agreement with AZN for its Invir.IO platform and received €10m on signing. Gross cash and short-term investments at 30 September 2019 were €53.9m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 8.1 (26.4) (35.0) (53.1) N/A N/A
2018A 42.9 9.1 (36.8) (44.7) N/A N/A
2019E 16.9 (12.0) (15.9) (20.9) N/A N/A
2020E 4.9 (24.3) (27.6) (33.1) N/A N/A
Industry outlook

Immunotherapies are one of the most promising classes of products for cancer. Increased attention is now being paid to the use of combination therapy approaches to improve cancer response rates.

Last updated on 04/12/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 13.7
Forecast gearing ratio (%) 19
Price performance
%
1m
3m
12m
Actual 3.2 9.8 (36.1)
Relative* 3.7 4.9 (44.2)
52-week high/low €3.2/€1.7
*% relative to local index
Key management
Philippe Archinard Chairman & CEO
Lucie Larguier Director of IR