OSE Immunotherapeutics - Strategic collaboration in mRNA technologies

OSE Immunotherapeutics has announced a new strategic collaboration with Inside Therapeutics and MiNT Laboratory (University of Angers) to develop mRNA therapies and accelerate nanodrug development. OSE has received €1.3m in non-dilutive funding to lead the 36-month programme, titled 'HexARN', from Bpifrance (a French public sector investment bank) as part of the 'France 2030' investment plan. We note that OSE has previously received similar funding as part of this initiative for other projects. Since there is no immediate read-across to near-term catalysts or OSE's clinical-stage programmes, we do not plan to make any adjustments to our estimates. However, the collaboration is consistent with the company's approach of leveraging academic and industrial partnerships to expand its long-term optionality, in our view, and we believe the funding serves as encouraging external recognition of OSE's R&D capabilities.

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