OSE Immunotherapeutics (OSE): Re-initiation Milestones anticipated throughout FY23

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, OSEs 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 Sjögrens 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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