Onxeo has experienced a volatile 2017 mainly due to Livatag’s Phase III ReLive not meeting its primary endpoint. The out-licensing of Validive, fresh data from several preclinical studies with core assets – AsiDNA and belinostat combinations – were more positive recent developments. Although the share price halved after the disappointing ReLive data, the asset portfolio has been radically reshaped to focus on DNA break repair inhibition and epigenetics and Onxeo has cash reach until 2020. Our updated valuation is €218m (vs €350m) or €4.3/share.

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