Autolus FIRST LOOK: European dossier acceptance for obe-cel

The EMA has accepted the marketing authorisation application for review of obe-cel for r/r B-ALL, following the earlier acceptance by the FDA in January 2024. Looking ahead, Autolus is set for an eventful year with the FDA decision on obe-cel (PDUFA 16 November), as well as multiple data readouts including initial data from the phase 1 SLE trial by YE24, which we think could position obe-cel to become a pipeline in a product. We reiterate our BUY rating and $11 TP.