Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with avelumab (Bavencio) in patients with human papillomavirus (HPV) positive cancers. In the Phase I trial, three out of nine patients treated demonstrated a durable partial response, and no dose-limiting toxicities were observed among the nine patients. All patients had metastatic disease and had previously undergone multiple lines of therapy. The tumour types selected have historically demonstrated low response rates to immune checkpoint inhibitors and we view this early data as positive for TG4001. We retain our valuation of Transgene at €287m (€3.45/share).

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with avelumab (Bavencio) in patients with human papillomavirus (HPV) positive cancers. In the Phase I trial, three out of nine patients treated demonstrated a durable partial response, and no dose-limiting toxicities were observed among the nine patients. All patients had metastatic disease and had previously undergone multiple lines of therapy. The tumour types selected have historically demonstrated low response rates to immune checkpoint inhibitors and we view this early data as positive for TG4001. We retain our valuation of Transgene at €287m (€3.45/share). 

Transgene - TG4001 first efficacy data presented at ESMO

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with avelumab (Bavencio) in patients with human papillomavirus (HPV) positive cancers. In the Phase I trial, three out of nine patients treated demonstrated a durable partial response, and no dose-limiting toxicities were observed among the nine patients. All patients had metastatic disease and had previously undergone multiple lines of therapy. The tumour types selected have historically demonstrated low response rates to immune checkpoint inhibitors and we view this early data as positive for TG4001. We retain our valuation of Transgene at €287m (€3.45/share).

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with avelumab (Bavencio) in patients with human papillomavirus (HPV) positive cancers. In the Phase I trial, three out of nine patients treated demonstrated a durable partial response, and no dose-limiting toxicities were observed among the nine patients. All patients had metastatic disease and had previously undergone multiple lines of therapy. The tumour types selected have historically demonstrated low response rates to immune checkpoint inhibitors and we view this early data as positive for TG4001. We retain our valuation of Transgene at €287m (€3.45/share).

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).

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).

Transgene - TG4010 and Pexa-Vec readouts to define 2019

Transgene develops virus-based product candidates for use in oncology
and infectious diseases. Its five clinical products are currently in seven
clinical trials across a variety of indications; the most advanced is a Phase
III trial with Pexa-Vec (+ sorafenib) in first-line Hepatocellular Carcinoma
with interim data anticipated in 2019. Its strategy remains to develop its
candidates in combination with approved treatments, notably immune
checkpoint inhibitors (ICIs). Key to validating this strategy will be data
from a first-line NSCLC trial testing TG4010 in combination with Opdivo
and chemotherapy. Data is now forecast to be available in H219. We value
Transgene at €4.64/share vs €4.65/share previously.

Transgene develops virus-based product candidates for use in oncology
and infectious diseases. Its five clinical products are currently in seven
clinical trials across a variety of indications; the most advanced is a Phase
III trial with Pexa-Vec (+ sorafenib) in first-line Hepatocellular Carcinoma
with interim data anticipated in 2019. Its strategy remains to develop its
candidates in combination with approved treatments, notably immune
checkpoint inhibitors (ICIs). Key to validating this strategy will be data
from a first-line NSCLC trial testing TG4010 in combination with Opdivo
and chemotherapy. Data is now forecast to be available in H219. We value
Transgene at €4.64/share vs €4.65/share previously.

Transgene - Combination strategy awaiting validation

France

Transgene S.A is a biotechnology company. The Company develops therapeutic vaccines and oncolytic viruses against solid tumors (lung, liver, head & neck and colorectal cancers). In addition to clinical-stage immunotherapies, Transgene S.A. develops individualized therapeutic vaccines and multi-functional oncolytic viruses.

Transgene SA (TNG FP)

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

Transgene - TG4001 first efficacy data presented at ESMO

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with...

Edison Investment Research

Transgene - TG4001 first efficacy data presented at ESMO

At the 2019 European Society for Medical Oncology (ESMO) conference, Transgene presented the first efficacy data for TG4001 in combination with...

Edison Investment Research

Transgene - TG4010 and Pexa-Vec readouts to define 2019

Late-stage clinical trial readouts in 2019 will be critical to Transgene’s immunoncology (IO) aspirations and, if positive, could further its...

Edison Investment Research

Transgene - Combination strategy awaiting validation

Transgene develops virus-based product candidates for use in oncology and infectious diseases. Its five clinical products are currently in...

Edison Investment Research