OSE Pharma International: Immunotherapy Research Engine
Edison | Dec 07, 2018 01:10AM ET
Ose Pharma International (PA:OSE) is a drug developer that focuses on both oncology and immune disorders, with an R&D pipeline diversified across different indications and mechanisms of action. Long-term collaborations with top research institutions enable the company to identify novel targets in a cost-effective and time-efficient manner, and develop products for R&D and out-licensing. The success of this model is demonstrated by several commercial partnerships, including a deal with Boehringer Ingelheim (BI) in April 2018 for a total value of €1.1bn plus royalties. OSE’s most advanced internal programme is Tedopi for NSCLC (Phase III), with results expected in 2021. We value OSE at €171m or €11.7/share.
€27m in potential licensing income in 2019
OSE has commercial deals in place with Boehringer Ingelheim (OSE-172, SIRP⍺ antagonist, late preclinical) and Servier (OSE-127, IL-7R antagonist, Phase I). A €15m milestone payment is expected from BI in H119 on the initiation of Phase I in multiple solid tumours with OSE-172, and a €12m fee could be received from Servier in H119 if it exercises its option to proceed to a Phase II trial with OSE-127. The combined value of the deals is €1.37bn in milestones plus royalties, so there is potential for significant licensing income over the next few years. OSE had a deal with Janssen Biotech for FR104 (CD28 antagonist, Phase II ready), but in November 2018 Janssen returned the rights due to reprioritizing its pipeline. OSE is now considering development options including re-partnering.
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