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Combinations with immunotherapies are key to Transgene’s strategy. The company is focused on combining its main assets, TG4010 (cancer vaccine) and Pexa-Vec (oncolytic virus), with immune checkpoint inhibitors (ICIs), ipilimumab (Yervoy) and nivolumab (Opdivo). ICIs as monotherapies have proven successful in patients; however, positive efficacy has been limited to certain cancers and long-term responses remain difficult. Combinations with other immunotherapies may improve both addressable population and long-term efficacy. To this end, Transgene is conducting Phase I and II trials in collaboration with academic institutions and pharmaceutical companies. The first read-outs are expected later this year. Our updated valuation is €208m.

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