Transgene - Combination strategy awaiting validation

Transgene develops virus-based product candidates for use in oncology and infectious diseases. Its five clinical products are currently in seven clinical trials across a variety of indications; the most advanced is a Phase III trial with Pexa-Vec (+ sorafenib) in first-line Hepatocellular Carcinoma with interim data anticipated in 2019. Its strategy remains to develop its candidates in combination with approved treatments, notably immune checkpoint inhibitors (ICIs). Key to validating this strategy will be data from a first-line NSCLC trial testing TG4010 in combination with Opdivo and chemotherapy. Data is now forecast to be available in H219. We value Transgene at €4.64/share vs €4.65/share previously.