Edison Investment Research - MediGene AG (MDG1) Medigene - New assets, new partnerships

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Edison Investment Research

Daniel Wilkinson

Medigene - New assets, new partnerships

Medigene continues to position itself as a leader in cellular therapies by the expansion of both its internal pipeline (MDG1021) and external partnerships (Roivant/Cytovant). The company has announced MDG1021 (HA-1 targeting TCR) will start its clinical programme in 2020. A new partnership with Roivant/Cytovant (total deal terms >$1bn) demonstrates the ongoing value third parties see in Medigeneâ€™s technology and expertise. Medigeneâ€™s MDG1011 trial in multiple myeloma (MM), acute myeloid leukaemia (AML) and myelodysplastic syndromes (MDS) is ongoing and the first patient has been treated; we now forecast initial data in H120. We have added the Roivant/Cytovant deal to our valuation and have removed Veregen following the sale of remaining rights and inventory to Aresus Pharma. We now value Medigene at â‚¬460m (previously â‚¬470m).

19/06/2019 15 EN

Underlying

MediGene AG

Medigene is a biopharmaceutical company that focuses on the research and development of drugs to treat cancer and autoimmune diseases. Co.'s segments are: marketed products and drug candidates. Co.'s marketed products segment consists of the drug Veregen®, which is an ointment for the treatment of external genital warts. Co.'s drug candidates segment consists of: EndoTAG®-1, which is for the indication pancreatic cancer and triple-negative breast cancer; RhuDex®, which is a modifying agent for the oral treatment of autoimmune diseases; and adeno-associated virus-like particles, which provides potential as prophylactic and therapeutic vaccines, for example, against cancer and infections.

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DE000A1X3W00 Germany

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Daniel Wilkinson

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Medigene - New assets, new partnerships

Medigene Files Patent for Unique NK-Specific TCR Construct with European Patent Office

Medigene and EpimAb Biotherapeutics Enter into a Co-Development Partnership for TCR-Guided T Cell Engagers

Medigene AG Expands Patent Portfolio with Patent Grant for its JOVI Technology in the U.S.

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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