Dans l’attente d’un accord de partenariat - NEUTRE vs ACHAT - OC 10,1€ (vs 11,2€)
Nous mettons à jour notre modèle pour Transgène suite à un changement de couverture, avec pour conséquence un objectif abaissé à 10,1€ vs 11,2€ et une recommandation à NEUTRE vs ACHAT. Bien que la publication ce weekend des résultats de la survie globale de TG4010 confirme le potentiel du produit, l’enjeu à ce stade reste la signature d’un accord de partenariat pour le développement de la phase III suivi de la commercialisation de ce vaccin. Cet accord est attendu par la société avant fin 2014. Le manque de visibilité à court terme sur le lancement de cette phase III nous conduit toutefois à neutraliser notre recommandation, bien que notre objectif présente un potentiel significatif (+21%). Dans l’hypothèse où Transgène décrocherait un contrat de licence, la société pourrait également mener à bien le renouvellement de son portefeuille produits à moyen terme.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.
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