OSE Immunotherapeutics (PAR: OSE)

Last close As at 01/03/2024

EUR5.00

0.25 (5.15%)

Market capitalisation

EUR109m

OSE Immunotherapeutics (OSE) 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.

OSE has products in development for both immunoncology and immuno-inflammation indications. As a result, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.

Latest Insights

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OSE-Immunotherapeutics_resized

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Dominique Costantini

    Chairman

  • Nicolas Poirier

    CEO

Balance Sheet

Forecast net debt (€m)

24.5

Forecast gearing ratio (%)

135

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 21.5 21.1 (15.1)
Relative 17.8 12.3 (21.1)
52 week high/low €6.2/€2.7

Financials

OSE Immunotherapeutics has announced a global licence and collaboration agreement with AbbVie to develop OSE-230, a novel monoclonal antibody, for the treatment of chronic and severe inflammation. The announcement marks a positive milestone and much needed endorsement within a sector hindered by funding challenges. This follows sizable transactions in December 2023 and early 2024, including AbbVie’s foray into CNS (Cerevel for $8.7bn) and entry into immunotherapy (ImmunoGen for $10.1bn), covered in our outlook note. The arrangement provides further external recognition of OSE’s innovative R&D capabilities and early-stage pipeline. Deal terms include an upfront payment of $48m, with OSE eligible to receive up to $665m in additional milestone payments. The market response to the news was highly positive, with OSE’s share price increasing by over 60% on the morning of the announcement.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 26.3 (13.6) (17.2) (94.82) N/A N/A
2022A 18.3 (15.0) (18.0) (97.28) N/A N/A
2023E 2.7 (25.3) (26.2) (134.05) N/A N/A
2024E 15.0 (18.5) (21.8) (98.48) N/A N/A

Thematics

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