Undeterred by exec exodus, Immunocore nabs $100M cash to co-develop preclinical asset with Roche
Despite its recent executive exodus, cancer biotech Immunocore’s appetite for partnership deals remains relentless. The Oxford University spinout is now set to test a preclinical asset in combination with Roche’s $RHBBY Tecentriq for a hefty $100 million, building on an existing partnership with the Swiss drugmaker’s Genetech unit that began in 2013.
On Monday, the UK biotech announced it will jointly develop with Genentech its preclinical asset, IMC-C103C, which is designed to target tumors that express the protein MAGE-A4 (Melanoma-Associated Antigen A4) — a known cancer-associated antigen expressed in a wide range of malignancies — for $100 million in upfront and near-term milestone payments. Immunocore is no stranger to large payouts — the company raised an eye-popping $320 million in its Series A round of funding in 2015, and has already sealed partnerships with AstraZeneca $AZN, GlaxoSmithKline $GSK, Eli Lilly $LLY, Roche and the Gates Foundation.
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