Transgene- TG4050 Advancing, New BT001 Data (TP EUR2.60 [3.20])
With TG4050, Transgene’s lead myvac platform candidate, advancing into phase II following positive results from the P1 trial, we now value the drug at €50m, with risk adj. peak sales of ~$220m. The company also reported positive data from part B of its P1 trial of BT001, which showed signs of disease control in a challenging patient group with advanced or metastatic solid tumours who had exhausted standard therapies. Following the €33m debt-to-equity conversion and removal of TG6002 from the pipeline, our new forecasts now value the company at €2.60/share [3.20], implying >2x upside.For access to the full note, please contact Naresh Chouhan ( )
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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