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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.€329.3m
Last close€13.41
High / Low (52 weeks)€18.8 / €9.0
Stock market listingDE
Forecast net cash (€m)66.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual6.2(15.2)44.4
Relative *9.0(9.9)44.7

* % 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 10.4 (18.2) (17.8) (76.38) N/A N/A
2019E 11.0 (18.0) (17.2) (70.41) N/A N/A

Last updated on 07/08/2018

Investment summary

In H118, Medigene announced several key developments including the start of its MDG1011 Phase I/II TCR clinical trial, a gross capital raise of €32.3m (which expands cash reach past 2019) and the expansion of its bluebird partnership to cover a total of six targets (worth potentially US$1.5bn in milestones plus royalties). The MDG1011 Phase I/II clinical trial is enrolling patients and 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 €453m (€18.47/share).

Last updated on 07/08/2018

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 27/07/2018

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
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