Ultimovacs (Buy, TP: NOK66.00) - Moving into mesothelioma
The company announced just before end-2019 that it had struck a deal with Bristol Myers Squibb (BMS) to co-operate on a large mesothelioma trial. It is an investigator-led trial of UV1 in combination with CPIs, and BMS will supply the trial with nivolumab and ipilimumab. This is an interesting development as it adds a new potential indication for UV1. We have added mesothelioma as a potential indication to our valuation, but with a rather low LOA (10%). Nevertheless, it does add value. We reiterate our BUY, and have increased our target price to NOK66 (54).Ultimovacs ASA Formerly known as Ultimovacs AS. Ultimovacs ASA, formerly Ultimovacs AS, is a Norway-based pharmaceutical company developing immunotherapies against cancer. The Company's lead product candidate is UV1, a peptide-based vaccine inducing a specific T cell response against the universal cancer antigen telomerase. UV1 is being developed as a therapeutic cancer vaccine which may serve as a platform for use in combination with other immuno-oncology drugs which require an ongoing T cell response for their mode of action. The Company is performing a broad clinical development program with clinical trials in Europe and the USA.
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