OSE Immunotherapeutics (PAR: OSE)

Last close As at 28/05/2024


−0.65 (−7.78%)

Market capitalisation


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.

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Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh


Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Dominique Costantini


  • Nicolas Poirier


Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 40.0 157.2 130.3
Relative 39.7 152.2 111.0
52 week high/low €8.4/€2.7


OSE Immunotherapeutics has announced a considerable expansion of its partnership with Boehringer Ingelheim (BI), including the start of two new projects. The first project aims to broaden the scope of BI 765063 and BI 770371 (two immuno-oncology anti-SIRPα monoclonal antibodies (mAbs) being evaluated as part of the initial collaboration and licence agreement), by investigating the candidates in cardiovascular-renal-metabolic (CRM) diseases. The second project will be a new preclinical program to develop immune-cell activating treatments based on OSE’s cis-targeting anti-PD1/cytokine platform. Under the new collaboration terms, OSE will receive an initial payment of €38.8m, comprising a one-time partial royalty buy-out of €25.3m for the BI 765063 and BI 770371 programs, and a €13.5m upfront payment for the new preclinical program. Additionally, OSE could also receive a €17.5m near-term milestone payment for the new preclinical project. We view the announced expansion as especially encouraging in light of the challenging funding environment. OSE’s share price increased by c 15% on 22 May following the announcement.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 18.3 (15.0) (18.0) (97.28) N/A N/A
2023A 2.2 (19.6) (23.2) (118.70) N/A N/A
2024E 56.9 28.6 25.3 114.54 7.3 7.3
2025E 65.5 36.9 33.7 149.02 5.6 5.6


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