Transgene

EU: TNG

€147.6m market cap

€1.77 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 announced a new collaboration/ licensing agreement with AZN for its Invir.IO platform; Transgene received €10m on signing. Gross cash and short-term investments at 30 June 2019 (not including AZN upfront) were €11.7m. Transgene has also recently raised gross €48.7m in a rights issue.

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
Last updated on 18/10/2019
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 18/10/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 13.7
Forecast gearing ratio (%) 19
Price performance
%
1m
3m
12m
Actual 0.3 (24.4) (37.9)
Relative* 0.0 (25.7) (42.7)
52-week high/low €3.2/€1.7
*% relative to local index
Key management
Philippe Archinard Chairman & CEO
Lucie Larguier Director of IR