Medigene - New assets, new partnerships

Medigene continues to position itself as a leader in cellular therapies by the expansion of both its internal pipeline (MDG1021) and external partnerships (Roivant/Cytovant). The company has announced MDG1021 (HA-1 targeting TCR) will start its clinical programme in 2020. A new partnership with Roivant/Cytovant (total deal terms >$1bn) demonstrates the ongoing value third parties see in Medigene’s technology and expertise. Medigene’s MDG1011 trial in multiple myeloma (MM), acute myeloid leukaemia (AML) and myelodysplastic syndromes (MDS) is ongoing and the first patient has been treated; we now forecast initial data in H120. We have added the Roivant/Cytovant deal to our valuation and have removed Veregen following the sale of remaining rights and inventory to Aresus Pharma. We now value Medigene at €460m (previously €470m).