Medigene (MDG1)

Business description

Medigene is a German biotech company with a core business in cancer immunotherapy. A T cell receptor (TCR) candidate has recently entered the clinic and a dendritic cell (DC) vaccine Phase I/II clinical study is ongoing in Phase II.

Stock data

Market cap.€366.6m
Last close€16.43
High / Low (52 weeks)€18.8 / €8.9
Stock market listingDE
Forecast net cash (€m)34.3
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual5.5(2.7)56.5
Relative *1.3(7.6)50.7

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 9.7 (12.4) (13.4) (66.20) N/A N/A
2017A 11.4 (12.1) (12.4) (60.42) N/A N/A
2018E 11.1 (21.2) (22.1) (99.19) N/A N/A
2019E 11.2 (21.6) (22.0) (98.71) N/A N/A

Last updated on 18/05/2018

Investment summary

Medigene has announced an expansion of its bluebird partnership, giving significant external validation of its T-cell receptor (TCR) technology platform. The full partnership now covers six targets and is worth potentially US$1.5bn in development and commercial milestones, in addition to royalties on any future sales. Medigene’s own internal pipeline continues to advance with its MDG1011 Phase I/II TCR clinical trial now enrolling patients. Additionally, we forecast that the Phase I part of the TCR trial and the now fully enrolled Phase I/II DC vaccine trial will read out in 2019. We have updated our forecasts and now value Medigene at €416m (€18.65/share) vs €396m (€17.8/share) previously.

Last updated on 17/05/2018

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 27/04/2018

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