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Transgene (TNG)

Business description

Transgene is a French company developing immunotherapy agents for cancer and infectious diseases. Oncolytic virus Pexa-Vec (Phase III for HCC) and cancer vaccine TG4010 (Phase II for NSCLC) are the lead clinical candidates.

Stock data

Market cap.€184.7m
Last close€2.97
High / Low (52 weeks)€3.3 / €2.6
Stock market listingEU
Forecast net debt (€m)45.2
Forecast gearing ratio (%)103
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.8)(2.5)12.7
Relative *1.97.125.0

* % 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 10.3 (20.4) (23.1) (42.9) N/A N/A
2017A 8.1 (26.4) (35.0) (52.0) N/A N/A
2018E 7.2 (28.4) (36.8) 16.1 18.4 N/A
2019E 7.9 (31.1) (33.8) (54.5) N/A N/A

Last updated on 30/11/2018

Investment summary

Late-stage clinical trial readouts in 2019 will be critical to Transgene’s immunoncology (IO) aspirations and, if positive, could further its position in the sector; notably efficacy data expected from the Phase II TG4010 (+nivolumab +chemotherapy) trial in first line non-small cell lung cancer (NSCLC) and the Phase III Pexa-Vec (+sorafenib) trial in first line hepatocellular carcinoma (HCC) (trial conducted by partner SillaJen). Next-generation platforms Invir.IO and myvac continue to progress, with assets from both expected to enter the clinic in 2019. Additional financing is needed to ensure a cash reach beyond September 2019. We value Transgene at €4.68 per share (€290m).

Last updated on 30/11/2018

Industry outlook

Immunotherapies are among the most promising class of products for cancer. Increased attention is now being paid to the use of combination therapy approaches to improve cancer response rates further.

Last updated on 29/11/2018

Key management

Philippe Archinard, Chairman & CEO
Lucie Larguier, Director of IR

Company address

Boulevard Gonthier d’Andernach
Parc d’Innovation - CS80166
Illkirch-Graffensta
F-67405
France
+33 (0)3 88 27 91 00
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