Edison Investment Research Limited
London, UK, 26 May 2023
OSE Immunotherapeutics (OSE): Re-initiation – Milestones anticipated throughout FY23
OSE Immunotherapeutics has announced its FY22 results, providing financial and operational updates as the company continues to advance its key clinical assets. A confirmatory and potentially pivotal Phase III study is planned for Tedopi, OSE’s lead cancer vaccine candidate, which we expect to be initiated by end-FY23/early-FY24, and this would mark a significant clinical milestone, in our view. Additional upcoming catalysts for investor attention include readouts in Q423 for OSE-127, being investigated in a Phase II study in ulcerative colitis. OSE-127 had previously been subject to a two-step licensing option granted to Servier. However, following negative readouts from a Phase II Servier-sponsored trial in primary Sjögren’s syndrome, OSE and Servier have mutually decided to terminate the option license agreement. We value OSE at €280.8m or €15.2 per share, with Tedopi as the primary contributor to this valuation, for which we expect commercialisation in 2028.
We value OSE at €280.8m or €15.2 per share. Tedopi is the primary contributor to our valuation. We assume a licensing deal for Tedopi in 2027, worth up to €650m based on precedent deals for cancer vaccine technologies, and anticipate the commercialisation of this asset in 2028.
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