Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Healthcare
OSE Immunotherapeutics has entered into a commercial and revenue sharing agreement with the Memorial Sloan Kettering Cancer Center (MSK), focused on chimeric antigen receptor (CAR)-T cell therapies. OSE and MSK were already engaged in an ongoing research collaboration for a preclinical non-antagonist interleukin-7 receptor (IL-7R) monoclonal antibody to be used either as a therapeutic or for the design of CAR-T cell therapies. The new agreement specifically covers patent rights for CAR-T cell therapies targeting IL-7R expressing cancers. While precise details have not been disclosed, MSK will assume responsibility for research, development and commercialisation, and will share future potential revenue with OSE. Management also provided an update on the recent progress of its messenger RNA (mRNA) platform, highlighting the potential of an mRNA therapeutic using lipid nanoparticles in autoimmune hepatitis. OSE announced a series of partnerships in recent months that provide external validation of its capabilities in developing innovative therapies across various modalities for indications with unmet medical needs.
Written by
OSE Immunotherapeutics |
Another partnership with expansion into CAR-T |
Company update |
Pharma and biotech |
27 June 2024 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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OSE Immunotherapeutics has entered into a commercial and revenue sharing agreement with the Memorial Sloan Kettering Cancer Center (MSK), focused on chimeric antigen receptor (CAR)-T cell therapies. OSE and MSK were already engaged in an ongoing research collaboration for a preclinical non-antagonist interleukin-7 receptor (IL-7R) monoclonal antibody to be used either as a therapeutic or for the design of CAR-T cell therapies. The new agreement specifically covers patent rights for CAR-T cell therapies targeting IL-7R expressing cancers. While precise details have not been disclosed, MSK will assume responsibility for research, development and commercialisation, and will share future potential revenue with OSE. Management also provided an update on the recent progress of its messenger RNA (mRNA) platform, highlighting the potential of an mRNA therapeutic using lipid nanoparticles in autoimmune hepatitis. OSE announced a series of partnerships in recent months that provide external validation of its capabilities in developing innovative therapies across various modalities for indications with unmet medical needs.
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 |
103.7 |
72.1 |
3.32 |
0.0 |
2.4 |
N/A |
12/25e |
82.7 |
51.1 |
2.35 |
0.0 |
3.4 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
OSE has signed a commercial and revenue sharing agreement with MSK, an extension of the ongoing research collaboration between the two companies (announced in 2017 with an initial focus on non-small cell lung cancer). The new agreement covers both OSE’s patent rights and jointly owned OSE/MSK patent rights, in the field of CAR-T cell therapies for the treatment of IL-7R expressing cancers. Management has communicated that there will be a particular focus on haematological tumours such as acute lymphoblastic leukaemia. While the agreement relates to early-stage research, we believe there is sizable opportunity for OSE in this space as it enters the CAR-T cell therapy field, an exciting area estimated by Vision Research to reach a market value of $89bn by 2032.
In addition to expanding its collaboration with MSK, OSE also recently shared an update on the progress of its mRNA platform for the treatment of inflammatory and autoimmune disorders. At the Federation of Clinical Immunology Societies Annual Meeting (June 2024), the company presented a poster focused on an IL-35 mRNA therapy in autoimmune hepatitis, demonstrating the effective delivery of the therapeutic using a lipid-based nanoparticle vector to the liver, and supressing acute and chronic inflammation in preclinical mouse models. This is the first time the company has shared data relating to OSE’s mRNA platform, which was supported by a grant from the French government and Région Pays de la Loire in August 2023.
Collectively, we believe these updates highlight OSE’s offering beyond its active pipeline of both proprietary and partnered programmes, and demonstrate how the company aims to generate value from its discovery platforms and collaborations with a range of drug modalities.
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