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Immutep

Encouraging LAG-3 combo data at SITC

Update | Pharmaceutical & healthcare | 11 Dec 2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at A$272m (12c per share).

Is Yatirim Menkul Degerler

Strength in diversity

Outlook | Financials | 19 Apr 2011

Is Yatirim Menkul Degerler (ISY) has diversified financial earnings, enabling it to withstand market volatility. 2010 results were in line with expectations, with commission income driving growth. ISY offers upside to stable or rising equity markets and interest rates, with gearing to company flotations. Management continues to invest in new revenue opportunities. The stock trades on a 2011 P/E of 6.4x, and a 2011e P/BV of 1.2x. A 2010 yield of 4% and an ROE in 2010 of 18.2% reflect a conservative balance sheet.

Severfield

Reassurance and encouragement

Update | General Industrials | 12 Sep 2017

Severfield continues to trade in line with existing expectations though adverse sector sentiment has weighed on the company’s share price. There is a healthy and normal level of forward order cover and we believe that the project pipeline is likely to contain some good new project prospects. Overall, the AGM update provided reassurance for wary investors and, in our view, encouragement for potential new ones.

Immutep

A second big pharma collaboration for efti

ADR Update | Pharmaceutical & healthcare | 27 Sep 2018

Immutep has entered into a clinical trial collaboration and supply agreement with Merck/Pfizer to investigate the combination of its APC activator eftilagimod alpha (efti) with avelumab in patients with advanced solid tumors. Avelumab is the big pharma pair’s investigational anti-PD-L1 immune checkpoint inhibitor (ICI). We view the additional validation from big pharma is as a very positive development for Immutep, which could bring the added bonus of early identification of additional target indications. We maintain our valuation at $387m or $12.80/ADR.

Immutep

A second big pharma collaboration for efti

Update | Pharmaceutical & healthcare | 27 Sep 2018

Immutep has entered into a clinical trial collaboration and supply agreement with Merck/Pfizer to investigate the combination of its APC activator eftilagimod alpha (efti) with avelumab in patients with advanced solid tumours. Avelumab is the big pharma pair’s investigational anti-PD-L1 immune checkpoint inhibitor (ICI). We view the additional validation from big pharma is as a very positive development for Immutep, which could bring the added bonus of early identification of additional target indications. We maintain our valuation at A$510m or A$0.17/share.

Immutep

LAG-3 progress in-house and via partners

ADR Outlook | Pharmaceutical & healthcare | 30 Aug 2018

Immutep has reported encouraging progress from its in-house and partnered programs over the past few months. Interim data from the TACTI-mel combo study included a 61% response rate from the start of the Keytruda monotherapy screening period among subjects who went on to receive eftilagimod alpha (efti or IMP321) combo therapy. Partners GSK and Novartis are progressing their in-licensed LAG-3 programs into Phase II or proof of concept studies, which increases the likelihood that these programs will return significant value to Immutep. Our valuation has increased to $387m or $12.80/ADR (from $333m or $10.41/ADR).

Immutep

LAG-3 progress in-house and via partners

Outlook | Pharmaceutical & healthcare | 30 Aug 2018

Immutep has reported encouraging progress from its in-house and partnered programmes over the past few months. Interim data from the TACTI-mel combo study included a 61% response rate from the start of the Keytruda monotherapy screening period among subjects who went on to receive eftilagimod alpha (efti or IMP321) combo therapy. Partners GSK and Novartis are progressing their in-licensed LAG-3 programmes into Phase II or proof of concept studies, which increases the likelihood that these programmes will return significant value to Immutep. Our valuation has increased to A$510m or A$0.17/share (from A$439m or A$0.14/share).

Immutep

Merck collaboration opens new opportunities

ADR Update | Pharmaceutical & healthcare | 29 Mar 2018

Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321) plus Keytruda in lung, head and neck and ovarian cancers. It is positive to see Immutep collaborating with a leading immunotherapy company, with three new indications added to its ongoing studies in breast cancer and melanoma. It has raised $5.2m through a placement and has opened a share purchase plan to raise up to $8m. We increase our valuation to $333m (vs $206m) or $10.41/ADR (vs $8.75/ADR).

Immutep

Merck collaboration opens new opportunities

Update | Pharmaceutical & healthcare | 29 Mar 2018

Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321) plus Keytruda in lung, head and neck and ovarian cancers. It is positive to see Immutep collaborating with a leading immunotherapy company, with three new indications added to its ongoing studies in breast cancer and melanoma. It has raised A$6.9m through a placement and has opened a share purchase plan to raise up to A$10m. We increase our valuation to A$439m (vs A$272m) or A$0.14/share (vs A$0.12/share).

Immutep

Encouraging LAG-3 combo data at SITC

ADR Update | Pharmaceutical & healthcare | 12 Dec 2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at $206m or $8.75/ADR.

Immutep

Support for anti-LAG-3 and APC-activator combos

ADR Update | Pharmaceutical & healthcare | 02 Oct 2017

Data presented at the European Society for Medical Oncology (ESMO) congress by third parties has positive implications for Prima Biomed’s LAG3 pipeline, both its in-house IMP321 APC activator and the anti-LAG3 program out-licensed to Novartis. Prima itself presented encouraging data from ongoing studies of IMP321 in FY17, including a 47% response rate in the run-in phase of its AIPAC breast cancer Phase II. Prima earned a $1m milestone from Novartis in August, showing that the partnered anti-LAG3 program is progressing. The company guides that the ~$5m raised from US investors in July extends the funding runway to Q4 CY18. We increase our valuation to $206m (vs $192m) or $8.75/ADR.

Immutep

Support for anti-LAG-3 and APC-activator combos

Update | Pharmaceutical & healthcare | 29 Sep 2017

Data presented at the European Society for Medical Oncology (ESMO) congress by third parties has positive implications for Prima Biomed’s LAG3 pipeline, both its in-house IMP321 APC activator and the anti-LAG3 programme out-licensed to Novartis. Prima itself presented encouraging data from ongoing studies of IMP321 in FY17, including a 47% response rate in the run-in phase of its AIPAC breast cancer Phase II. Prima earned a US$1m milestone from Novartis in August, showing that the partnered anti-LAG3 programme is progressing. The company guides that the ~A$6.5m raised from US investors in July extends the funding runway to Q4 CY18. We increase our valuation to A$272m (vs A$252m) or A$0.12/share.