London, UK, 6 December 2018

Edison initiates coverage on OSE Immunotherapeutics (OSE)

OSE Immunotherapeutics (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 EUR1.1bn plus royalties. OSE's most advanced internal programme is Tedopi for NSCLC (Phase III), with results expected in 2021. We value OSE at EUR171m or EUR11.7/share.

We value OSE at EUR171m or EUR11.7/share (estimated net cash of EUR7.5m at end 2018). We currently value four assets in four indications, but further additions are possible depending on a future strategic decision from OSE. The company's value drivers are diversified, with Tedopi accounting for 31% of our rNPV. Overall, we see OSE's R&D programmes as cost-effective due to low out-of-pocket R&D costs, and well diversified, with different mechanisms of action and specific indications

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com

About Edison: 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, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Jonas Peciulis, +44 (0)20 3077 5728
Alice Nettleton, +44 (0)20 3077 5700
healthcare@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv