OSE Immunotherapeutics - R&D progress triggers milestone payment windfall

OSE Immunotherapeutics now has four clinical trials running. Interim results from its Phase III Atalante 1 trial with cancer vaccine Tedopi are a key catalyst and due in Q120. Another three trials were initiated over the last 12 months, which brought OSE a total of €27m in payments from partners (plus another €5.4m from Bpifrance). These trials include a Phase I study with OSE-127 (partnered with Servier), a Phase I study with BI 765063 (previously OSE-172; with Boehringer Ingelheim, BI) and a Phase II study with Tedopi in pancreatic cancer (GERCOR). We raise our valuation of OSE to €198m or €13.2/share (previously €190m).