Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Healthcare
OSE Immunotherapeutics’ run of positive news continues with the announcement of encouraging data from the Phase II proof-of-concept CoTikiS study, evaluating Lusvertikimab as a novel treatment for ulcerative colitis (UC). The randomised, double-blind trial (n=136) has reported encouraging, statistically significant benefits, reflected in material improvements on the Modified Mayo Score (MMS). The full data set will be presented in due course, and we expect the next stage of development to be undertaken in partnership, which we estimate will be in place in 2025. Lusvertikimab is a potentially first-in-class IL-7R antagonist, offering a differentiated mechanism of action to other available biologics that currently dominate the UC market. We expect the next major catalyst for OSE to be the initiation of the Phase III trial for lead asset Tedopi, anticipated to commence imminently (previous guided timeline was Q224).
Written by
OSE Immunotherapeutics |
Lusvertikimab shines in Phase II UC trial |
Clinical update |
Pharma and biotech |
26 July 2024 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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OSE Immunotherapeutics’ run of positive news continues with the announcement of encouraging data from the Phase II proof-of-concept CoTikiS study, evaluating Lusvertikimab as a novel treatment for ulcerative colitis (UC). The randomised, double-blind trial (n=136) has reported encouraging, statistically significant benefits, reflected in material improvements on the Modified Mayo Score (MMS). The full data set will be presented in due course, and we expect the next stage of development to be undertaken in partnership, which we estimate will be in place in 2025. Lusvertikimab is a potentially first-in-class IL-7R antagonist, offering a differentiated mechanism of action to other available biologics that currently dominate the UC market. We expect the next major catalyst for OSE to be the initiation of the Phase III trial for lead asset Tedopi, anticipated to commence imminently (previous guided timeline was Q224).
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 reported positive top-line data from the Phase II CoTikiS study, a double-blind, placebo-controlled trial assessing the anti-IL7R antibody in UC patients. The MMS (a nine-point scale based on a combination of stool frequency, rectal bleeding and endoscopic sub scores) is the standard outcome measure for UC and was used as the primary endpoint. 136 patients with moderate to severe active UC, who failed, lost response or were intolerant to previous treatments, were randomised to one of two dose cohorts (850mg and 450mg). Both dose groups achieved statistically significant benefits, with the principal analysis 850mg group (n=50; placebo=49) reporting a -0.82 difference in treatment effect following the 10-week induction period (95% CI: -1.63; -0.01; p-value=0.047), while the truncated 450mg group (n=35) reported a -1.17 difference (95% CI: -2.18; -0.16; p-value=0.047). Management has indicated that efficacy was maintained over the subsequent 34-week open-label period.
We await the release of the full data set, including details on improvement over baseline scores, which could facilitate comparisons with other available biologics in UC, such as the recently approved risankizumab (Skyrizi; AbbVie), an IL23 inhibitor. We understand that OSE plans for subsequent development work to be undertaken as part of a partnership/licensing agreement and note that the recent US$3.2bn Lilly/Morphic deal suggests that big pharma continues to hold an interest in this space. We highlight that OSE is also evaluating Lusvertikimab in acute lymphoblastic leukaemia, and recently published preclinical efficacy results in Blood. We await further updates on this programme in H224.
In the nearer term, we expect investor attention to be focused on the upcoming Phase III registrational study for lead cancer vaccine Tedopi in non-small cell lung cancer, which we anticipate will commence imminently. As highlighted previously, the funding position remains comfortable (cash runway into 2027) following recent capital injections from AbbVie and Boehringer Ingelheim, as well as public grants.
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Research: Industrials
At the AGM management discussed the outcome of Singapore Post’s strategic review and the recently announced strategic review into value creation options relating to the Australian logistics business. In our view, expansion in the Australian logistics market offers long-term growth and that historical issues surrounding structural weakness in postal volumes may be resolved by growth in replacement volumes from e-commerce. We continue to believe there is more than 60% upside in the share price.