Un élargissement bienvenu du portefeuille produits - ACHAT - OC 12,5€ (vs 13€)
Nous revenons sur le projet de fusion annoncé il y a quelques semaines entre OSE Pharma et Effimune aboutissant sur la création d’OSE Immunotherapeutics dont les actionnaires actuels d’OSE Pharma détiendront 71% du Capital de la nouvelle entité. Le portefeuille d’Effimune (3 principaux actifs dont un anti CD28 en phase I qui pourrait être pris en licence par Janssen dès le T3 2016) vient ainsi compléter Tedopi actuellement en phase III. Cette diversification de portefeuille permet d’entrevoir à la fois des synergies cliniques et commerciales entre ces différents actifs mais permet surtout de diminuer les risques d’echecs. A ce stade, nous incorporons essentiellement FR104 dans notre modèle de valorisation, et considérons que le reste du portefeuille (encore « early stage ») représente une option libre à notre valorisation. Aussi nous maintenons notre recommandation à ACHAT avec un objectif de cours qui passe de 13€ à 12,5€ en attendant la validation des deux AG.Ose Immunotherapeutics SA, formerly Orphan Synergy Europe Pharma SA, is a France-based company principally engaged in the clinical stage biotechnological sector. The Company develops immunotherapy products against invasive or metastatic late-stage cancers. The Company offers a technology, called Memopi, which helps the immune system to eliminate malignant cells; it re-educates the body's immunological memory so that the immune system (and particularly T cytotoxic cells) attacks tumor cells by increasing the patient's specific cytotoxic T response against their cancer. The Company's main product, Texopi, is a patented combination of ten epitopes, selected and optimized from five tumor associated antigens.
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