Medigene (MDG1)

Business description

Medigene is a German biotech company with a core business in cancer immunotherapy. Dendritic cell (DC) vaccines are in Phase I/II clinical studies, while a T-cell receptor (TCR) candidate should enter the clinic in 2017.

Stock data

Market cap.€234.8m
Last close€10.62
High / Low (52 weeks)€14.8 / €6.7
Stock market listingDE
Forecast net cash (€m)49.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(7.4)(7.2)44.4
Relative *(4.7)(10.3)17.7

* % Relative to local index

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Company news

Medigene AG to be included in TecDAX Index

Tue, 06 Dec 2016 10:22:18 GMT

Medigene AG: Addressing The CAR-T Market Pain Points

Wed, 18 Mar 2015 16:55:29 GMT

Medigene announces outlicensing of AAVLP technology

Tue, 20 Dec 2016 06:32:59 GMT

Medigene AG (FRA:MDG1) Sells Partial Stake in Immunocore

Mon, 04 Apr 2016 16:30:00 GMT

Medigene Keeps Eyes On Immunotherapy Prize

Tue, 22 Dec 2015 18:35:23 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 6.8 (9.4) (12.8) (73.55) N/A N/A
2016A 9.7 (10.2) (11.3) (55.51) N/A N/A
2017E 9.0 (17.6) (18.6) (88.63) N/A N/A
2018E 9.3 (19.5) (20.2) (91.11) N/A N/A

Last updated on 11/07/2017

Investment summary

Medigene has announced that it has submitted a clinical trial authorisation application (CTA) to begin its first clinical trial with its proprietary T-cell receptor (TCR) modified T cells. If approved, the trial will evaluate it as an immunotherapy to treat a range of blood cancer indications and will be one of the first in Germany of TCR-modified cells. The trial is expected to start by the end of 2017. This submission triggers a final milestone payment of €2m for the Trianta acquisition (January 2014). We maintain our valuation of €315m but note the company is well-funded to deliver important milestones from progressing its clinical programme.

Last updated on 11/07/2017

Industry outlook

Cancer immunotherapy is attracting huge biotech investor interest. Medigene's DC vaccine technology is a new generation, with multiple potential efficacy and manufacturing benefits over the forerunners, eg Provenge. The TCR programme has similarities to CAR-T products, but with potentially significant efficacy and safety advantages.

Last updated on 01/06/2017

Key management

Prof. Horst Domdey, Chairman
Prof. Dr. Dolores Schendel, CEO
Thomas Taapken, CFO
Prof. Dr. Dolores Schendel, CEO

Company address

Lochhamer Str. 11
Martinsried
82152
Germany
+49-89-20 00 33 - 0
View website