Transgene has successfully completed a major restructuring programme and secured fresh financing (up to €30m from the EIB and Institut Mérieux), which puts it in a strong position to advance its promising immunotherapy technologies once more. The focus is on conducting new Phase I/II studies for Pexa-Vec (oncolytic virus) and TG4010 (MUC1 cancer vaccine) in combination with immune checkpoint inhibitors, an eagerly anticipated approach for hard-to-treat cancers. Partner SillaJen has started a Phase III trial with Pexa-Vec for liver cancer. We re-initiate coverage of Transgene with a base-case valuation of €160m or €4.15 per share.

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