OSE Immunotherapeutics - Another partnership win – Boehringer Ingelheim

OSE Immunotherapeutics has announced a considerable expansion of its partnership with Boehringer Ingelheim (BI), including the start of two new projects. The first project aims to broaden the scope of BI 765063 and BI 770371 (two immuno-oncology anti-SIRPα monoclonal antibodies (mAbs) being evaluated as part of the initial collaboration and licence agreement), by investigating the candidates in cardiovascular-renal-metabolic (CRM) diseases. The second project will be a new preclinical program to develop immune-cell activating treatments based on OSE’s cis-targeting anti-PD1/cytokine platform. Under the new collaboration terms, OSE will receive an initial payment of €38.8m, comprising a one-time partial royalty buy-out of €25.3m for the BI 765063 and BI 770371 programs, and a €13.5m upfront payment for the new preclinical program. Additionally, OSE could also receive a €17.5m near-term milestone payment for the new preclinical project. We view the announced expansion as especially encouraging in light of the challenging funding environment. OSE’s share price increased by c 15% on 22 May following the announcement.