€194m market cap

€2.33 last close

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.

Investment summary

Transgene is developing viral vector-based immunotherapies for combination therapies in oncology and infectious diseases. The company is running multiple clinical trials, including a Phase 2 trial combining TG4010 with Opdivo and chemotherapy in 1L NSCLC, and a Phase 1b/2 trial with Pexa-Vec+Opdivo in 1L advanced liver cancer. Transgene and partner SillaJen are running a global 600-patient Phase 3 study (PHOCUS) for Pexa-Vec+sorafenib in advanced liver cancer. Next-generation platforms Invir.IO and myvac continue to progress, with new myvac asset TG4040 expected to enter the clinic in H219. Transgene announced a new collaboration/licensing agreement with AstraZeneca for its Invir.IO platform; Transgene received €10m on signing. Gross cash and short-term investments at 31st March 2019 (not including AZN upfront) were €9.1m. Transgene has secured a €20m revolving credit facility with Natixis secured against its Tasly Biopharmaceuticals shares. Transgene additionally recently raised gross €48.7m in a rights issue.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 8.1 (26.4) (35.0) (53.1) N/A N/A
2018A 42.9 9.1 (36.8) (44.7) N/A N/A
2019E 9.2 (21.1) (26.2) (42.1) N/A N/A
2020E 6.7 (23.9) (28.7) (46.1) N/A N/A
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 25/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 67.9
Forecast gearing ratio (%) 408
Price performance
Actual (6.8) (18.4) (23.7)
Relative* (8.2) (18.6) (24.8)
52-week high/low €3.2/€2.3
*% relative to local index
Key management
Philippe Archinard Chairman & CEO
Lucie Larguier Director of IR