OSE Immunotherapeutics — Primed for value appreciation

OSE Immunotherapeutics is a clinical-stage immuno-oncology and immuno-inflammation company, with a pipeline spanning all stages of development. The company recently reported its FY24 results, reflecting a successful clinical period. OSE’s two lead programmes made notable progress throughout 2024, with the launch of the Phase III ARTEMIA trial for Tedopi in non-small cell lung cancer (NSCLC) and lusvertikimab presenting favourable Phase II results in ulcerative colitis (UC). The company also continued to execute on its multi-partnership strategy by signing new agreements, including agreements with AbbVie and Boehringer Ingelheim. As we update our assumptions, our valuation for OSE adjusts to €560.8m or €25.6/share (from €541.2m or €24.8/share previously).