Edison Issues Outlook on Oxford Biomedica (OXB)

Edison Investment Research Limited

Edison Issues Outlook on Oxford Biomedica (OXB)

Tuesday, June 4, 2019 9:40 AM

LONDON, UK / ACCESSWIRE / June 4, 2019 / Oxford Biomedica (LSE: OXB) is a pioneer and global leader in the development and manufacture of commercial-scale lentiviral vectors (LVV), a critical component of cell and gene therapies (CGT). OXB has numerous value streams, including manufacturing, royalties and milestones on partnered product sales. Its technology and R&D pipeline have been validated by numerous partnerships (Novartis's CAR-T Kymriah, Axovant deal for AXO-Lenti-PD). We believe the greatest opportunity lies in OXB's own gene therapy R&D capabilities; higher investment now is imperative to reap future economic returns in this highly innovative and potentially lucrative therapy area. We value OXB at £649m.

Our valuation of OXB is £649m, versus £632m previously. We have reduced our Kymriah forecasts in diffuse large B-cell lymphoma (DLBCL), offset by increasing the probability of success on AXO-Lenti-PD and some other minor adjustments. We also roll forward our model and update net cash; specifically, we remove OXB's debt position reflecting Novo Holding's recent 10% investment in OXB. Our core driver remains OXB's partnerships, which represent 517p/share of our total value.

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SOURCE: Edison Investment Research Limited