Edison Investment Research Limited
London, UK, 6 December 2018
Edison initiates coverage on OSE Immunotherapeutics (OSE)
OSE Immunotherapeutics (OSE) is a drug developer that focuses on both oncology and immune disorders, with an R&D pipeline diversified across different indications and mechanisms of action. Long-term collaborations with top research institutions enable the company to identify novel targets in a cost-effective and time-efficient manner, and develop products for R&D and out-licensing. The success of this model is demonstrated by several commercial partnerships, including a deal with Boehringer Ingelheim (BI) in April 2018 for a total value of EUR1.1bn plus royalties. OSE's most advanced internal programme is Tedopi for NSCLC (Phase III), with results expected in 2021. We value OSE at EUR171m or EUR11.7/share.
We value OSE at EUR171m or EUR11.7/share (estimated net cash of EUR7.5m at end 2018). We currently value four assets in four indications, but further additions are possible depending on a future strategic decision from OSE. The company's value drivers are diversified, with Tedopi accounting for 31% of our rNPV. Overall, we see OSE's R&D programmes as cost-effective due to low out-of-pocket R&D costs, and well diversified, with different mechanisms of action and specific indications
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