Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Healthcare
OSE has announced that its licence agreement with AbbVie has cleared antitrust review and has become effective. As previously noted, this is expected to support OSE’s runway extension into 2026, past key milestones and readouts for in-house assets Tedopi (non-small cell lung cancer, US Phase III trials expected to commence in Q224) and Lusvertikimab (ulcerative colitis, Phase II readouts expected in mid-2024). Following the Federal Communications Commission (FCC) mandatory waiting period, OSE is expected to receive the negotiated US$48m upfront payment from AbbVie imminently, as part of its global licence and collaboration agreement for its pre-clinical asset OSE-230, a novel monoclonal antibody being developed for the treatment of chronic and severe inflammation. OSE is also entitled to receive up to US$665m in incremental (milestone) payments as part of the deal.
Written by
OSE Immunotherapeutics |
AbbVie deal clears antitrust hurdle |
Partnership update |
Pharma and biotech |
18 April 2024 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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OSE has announced that its licence agreement with AbbVie has cleared antitrust review and has become effective. As previously noted, this is expected to support OSE’s runway extension into 2026, past key milestones and readouts for in-house assets Tedopi (non-small cell lung cancer, US Phase III trials expected to commence in Q224) and Lusvertikimab (ulcerative colitis, Phase II readouts expected in mid-2024). Following the Federal Communications Commission (FCC) mandatory waiting period, OSE is expected to receive the negotiated US$48m upfront payment from AbbVie imminently, as part of its global licence and collaboration agreement for its pre-clinical asset OSE-230, a novel monoclonal antibody being developed for the treatment of chronic and severe inflammation. OSE is also entitled to receive up to US$665m in incremental (milestone) payments as part of the deal.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
18.3 |
(18.0) |
(0.96) |
0.0 |
N/A |
N/A |
12/23 |
2.2 |
(23.2) |
(1.18) |
0.0 |
N/A |
N/A |
12/24e |
56.9 |
25.3 |
1.15 |
0.0 |
4.0 |
N/A |
12/25e |
65.5 |
33.7 |
1.49 |
0.0 |
3.1 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The notable AbbVie partnership was announced in February 2024 and OSE has communicated the passing of the mandatory Hart-Scott-Rodino waiting period, and as a result the company expects to receive the negotiated upfront payment of US$48m imminently. As a reminder, AbbVie, a global leader in the autoimmune/anti-inflammatory space, had acquired the global development, manufacturing and commercialisation rights to OSE-230, OSE’s pre-clinical stage asset being developed for chronic inflammation, in February 2024. We believe the deal consideration (up to US$713m plus tiered royalty payments) provides confidence in the company’s R&D capabilities and the differentiated profile of the asset, especially given the early development stage of the asset. As a reminder, OSE-230 is a first-in-class monoclonal antibody designed to activate ChemR23, a G-protein coupled receptor target. ChemR23 modulates the function of macrophages and neutrophils, which play a central role in the body’s immune response. OSE has presented encouraging preclinical data showing that OSE-230 successfully targeted the receptors associated with restoring tissue homeostasis. OSE-230 has demonstrated inflammation resolution in vivo in models for acute inflammation, chronic colitis, type 1 diabetes and multiple sclerosis.
We expect this cash injection from AbbVie, coupled with existing funds, tax credits and grants, to provide OSE with sufficient legroom to finance its development activities into 2026, well past key inflections points. The Phase II trials for lead asset Tedopi are expected to commence imminently in the US (in H224 in Europe) and OSE recently received €8.4m in funding from Bpifrance to support the upcoming registrational studies. We expect OSE to out-license Tedopi following completion of the Phase III trials (estimated market launch in 2028). The second in-house clinical asset, Lusvertikimab, recently completed patient enrolment in the Phase II CoTikiS trial and top-line efficacy results (from induction to week 10 and after six months of maintenance) are expected by mid-2024.
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Research: Industrials
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wholesale prices. Nonetheless, JEL remains well-positioned for continued growth, driven by decarbonisation and electrification over the long term.