Transgene

EU: TNG

€185.8m market cap

€2.98 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, including a Phase 2 trial combining TG4010 with Opdivo and chemotherapy in 1L NSCLC, and a Phase 1b/2 trial with Pexa-Vec+Opdivo in 1L advanced liver cancer. Transgene and partner SillaJen are running a global 600-patient Phase 3 study (PHOCUS) for Pexa-Vec+sorafenib in advanced liver cancer. Next-generation platforms Invir.IO and myvac continue to progress, with assets from both expected to enter the clinic in 2019. Gross cash and short-term investments at 30 September were €26.6m. Transgene also has the potential to monetise $48m in Tasly Biopharmaceuticals shares, received in August for the sale of full Greater China rights to T6002 and T1050.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 10.3 (20.4) (23.1) (42.9) N/A N/A
2017A 8.1 (26.4) (35.0) (52.0) N/A N/A
2018E 7.2 (28.4) (36.8) 16.1 18.5 N/A
2019E 7.9 (31.1) (33.8) (54.5) N/A N/A
Last updated on 20/03/2019
Industry outlook

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

Last updated on 20/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 45.2
Forecast gearing ratio (%) 103
Price performance
%
1m
3m
12m
Actual 6.8 11.6 (5.3)
Relative* 3.3 (2.5) (6.4)
52-week high/low €3.3/€2.6
*% relative to local index
Key management
Philippe Archinard Chairman & CEO
Lucie Larguier Director of IR