Transgene - PHOCUS turns to earlier-stage assets

The recent failure of the Phase III PHOCUS trial is disappointing but we do not feel is critical to Transgene's future. The company's potential pipeline combined with ICIs remains the key driver of long-term value. Focus now turns to the rest of the pipeline, particularly the expected readout by year end of the Phase II trial of TG4010 + nivolumab in first-line non-small cell lung cancer (NSCLC). Early-stage development continues with the announcement of the Invir.IO collaboration with AstraZeneca (AZN) and the advancement of the first product candidate (TG4050) from the company's myvac platform into the clinic (initiating clinical trials in H219). We value Transgene at €287m (€3.45/share) vs €312m (€5.02/share) previously.

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