Report
Daniel Wilkinson

Transgene - TG4010 and Pexa-Vec readouts to define 2019

Late-stage clinical trial readouts in 2019 will be critical to Transgene’s immunoncology (IO) aspirations and, if positive, could further its position in the sector; notably efficacy data expected from the Phase II TG4010 (+nivolumab +chemotherapy) trial in first line non-small cell lung cancer (NSCLC) and the Phase III Pexa-Vec (+sorafenib) trial in first line hepatocellular carcinoma (HCC) (trial conducted by partner SillaJen). Next-generation platforms Invir.IO and myvac continue to progress, with assets from both expected to enter the clinic in 2019. Additional financing is needed to ensure a cash reach beyond September 2019. We value Transgene at €4.68 per share (€290m).
Underlying
Transgene SA

Transgene is a biopharmaceutical company that designs and develops immunotherapy and virotherapy products for the treatment of cancers and infectious diseases. Co. is developing three anti-cancer products that are in clinical trials: (cancer of the lungs, liver and oropharynx); two anti-infectious immunotherapy products also in clinical trials: (hepatitis B and C). Co. also has products in the pre-clinical development stage. Co. operates in a single business segment, the research and development of therapeutic vaccines and immunotherapy products. Co. does not have any products on the market. Substantially all of its operations are conducted in France.

Provider
Edison Investment Research
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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