CTL019 approval likely in pALL, ad-com positive
With a probable approval for Novartis’s CTL019 (tisagenlecleucel) (OXB manufacture a key component) in both paediatric ALL and DLBCL on the horizon, Oxford BioMedica (OXB) is in position to crystallise a potentially significant revenue stream. Building on the original 2014 agreement with Novartis, the new commercial supply agreement for CTL019 includes $10m upfront and in excess of $90m in additional revenue over the next three years. Additionally, the company has refinanced its Oberland facility with Oaktree Capital Management to the tune of $55m (c $10m undrawn) on improved terms. Our valuation has increased to £251.6m (8.15p/share) vs £208.5m (6.75p/share), mainly as a result of updating CTL019 assumptions.Oxford BioMedica is a producer of gene and cell therapy in lentiviral vector and cell therapy research, development and production. Gene and cell therapy is the treatment of disease by the delivery of therapeutic deoxyribonucleic acid into a patient's cells. This can be achieved either in vivo (referred to as gene therapy) or ex vivo (referred to as cell therapy), the latter being where patients' cells are genetically modified cells outside the body before being re-infused. Co.'s products include: OXB-102, which targets Parkinson's disease; OXB-202, which targets corneal graft rejection; and OXB-302 (CAR-T 5T4), which targets targets a range of cancers.
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