The Oxford-linked oncology drug developer has raised the money from new and existing backers, and will use the cash to boost its product pipeline.

Immunocore, a UK-based immunotherapy developer that traces its origins to University of Oxford, has secured $75m in a series C round led by an unnamed returning investor.
The round included accounts and vehicles for investment management firm BlackRock as well as undisclosed existing backers. In addition, Oxford Finance supplied $100m in debt financing.
Immunocore is working on T-cell receptor (TCR)-based drugs, which introduce modified white blood cells in the immune system in a bid to fight infectious and autoimmune diseases and cancers.
The company was set up by biotechnology firm Medigene in 2008 to commercialise aspects of Avidex technology, the latter having been spun out of Oxford in 1999. A sister company, Adaptimmune, was formed concurrently to market other Avidex assets.
The company will leverage the series C cash to further develop its clinical-stage TCR products, including ImmTAX, which treats cancer and viral infections, and Tebentafusp, a phase 3 candidate targeting eye cancer that it intends to soon launch commercially.
Pharmaceutical firm Eli Lilly joined its peer WuXi AppTec’s corporate venturing unit in a $130m series B round for Immunocore in March 2020 that was led by General Atlantic and backed by Bill & Melinda Gates Foundation, CCB International, JDRF T1D Fund, Rock Springs Capital, Terra Magnum Capital Partners and existing backers including RTW Investment.
Bill & Melinda Gates Foundation provided $40m for the company in 2017, after Eli Lilly and RTW Investments participated in a $320m round in 2015 alongside Woodford Investment Management, Malin Corporation and unnamed new and existing backers at a reported valuation topping $1bn.
However, reports dating back to June 2019 indicated Immunocore had suffered a drop in valuation amid the Woodford fallout.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
 

Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.