4SC (VSC)

Business description

4SC is a Munich-based cancer biopharmaceutical company. Resminostat (HDAC inhibitor) is the lead candidate for cutaneous T-Cell lymphoma (pivotal study started in Q416). It has a second compound, 4SC-202 (Phase II) and a preclinical asset, 4SC-208. 4SC also has several partners including Yakult Honsha for resminostat in Japan.

Stock data

Market cap.€170.1m
Last close€5.55
High / Low (52 weeks)€8.5 / €2.5
Stock market listingDE
Forecast net cash (€m)22.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(15.4)(34.2)122.4
Relative *(18.8)(37.6)114.2

* % Relative to local index

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Company news

Investment summary

Yakult, 4SC’s development partner for resminostat in Japan, has reached two clinical development milestones. First, just two weeks after it joined 4SC’s pivotal RESMAIN study (n=150) in CTCL, the company recruited the first patient in Japan. Top-line results from the RESMAIN trial are expected in mid-2019. In addition, Yakult initiated its own Phase II study in biliary tract cancer (n=100) in combination with S-1 chemotherapy. S-1 is widely used in Japan and other Asian countries to treat patients following relapse after a 1st line chemotherapy regimen. The final data readout is expected in mid-2020. Meanwhile, at the AACR Annual Meeting in April, 4SC presented new preclinical data supporting the use of its second lead product, 4SC-202 in combination with various immunotherapy agents. Our valuation is virtually unchanged at €348 or €11.4/share.

Last updated on 03/05/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 2.1 (10.9) (10.9) (54.17) N/A N/A
2017A 4.2 (9.8) (10.0) (40.58) N/A N/A
2018E 4.7 (17.5) (17.6) (57.39) N/A N/A
2019E 3.1 (19.1) (19.2) (62.58) N/A N/A

Last updated on 18/04/2018

Latest video

Executive interview - 4SC

Industry outlook

Resminostat could become the first HDAC inhibitor to gain EU approval for CTCL (vs two HDACs approved in the US), but more importantly the maintenance treatment indication would be unique, potentially offering a competitive edge in Europe and the US.

Last updated on 27/04/2018

Key management

Jason Loveridge, CEO
Dr. Anna Niedl , Manager Corporate Communications and Investor

Company address

Am Klopferspitz 19a
82152
Planegg-Martinsried
Germany
+49 (0)89 700763-0
View website