Immunocore has raised more than $258m in an upsized offering and an additional $15m in a concurrent private placement.
Immunocore, a UK-based bispecific immunotherapy developer with roots at University of Oxford, issued approximately 9.94 million American Depositary Shares priced at $26 on Thursday to raise more than $258m in its IPO.
The company concurrently completed a $15m private placement, for total proceeds of more than $273m. It issued an additional 1.8 million shares and increased the price from $25 to $26 from its target a day earlier, and shares surged more than 66% to close at $43.20 on Friday.
Immunocore is now trading on the Nasdaq Global Select Market under the ticker symbol IMCR.
Immunocore’s approach relies on T-cell engaging receptors antibody treatments for cancer, autoimmune and infectious diseases. The technology traces its roots back to University of Oxford, which spun out Avidex in 1999.
Avidex was subsequently purchased by biotech firm Medigene, which in turn spun out Immunocore and Adaptimmune to commercialise certain aspects of the original company’s research. Adaptimmune completed a $191m IPO in 2015.
Immunocore will use $100m of its proceeds to complete the phase 3 trial and initiate the commercial launch of tebentafusp, its lead asset aimed at metastatic uveal melanoma. Interim results of the phase 3 trial have shown promising results.
The company will also put $20m each towards the development of two programmes for solid tumours, $10m towards the development of a potential cure for chronic hepatitis B and another $20m towards pre-clinical and drug discovery activities.
Immunocore secured $75m in a series C round in December 2020 led by General Atlantic, with participation from BlackRock and unnamed existing backers. Oxford Finance supplied $100m in debt financing at the same time.
Pharmaceutical firm Eli Lilly and its peer WuXi AppTec’s corporate venturing fund participated in a $130m series B round in March 2020 together with General Atlantic, CCB International, JDRF T1D Fund, Rock Springs Capital, Terra Magnum Capital Partners and unnamed backers.
RWT Investments also took part in the series B round, as did Bill & Melinda Gates Foundation. The latter had already injected $40m in 2017.
Woodford Investment Management (since rescued by Schroders and rebranded to Schroders UK Public Private Trust), Eli Lilly, Malin Corporation and RTW Investments invested in a $320m round in 2015.
General Atlantic owns a 9.6% stake diluted from 12.4%, followed by Eli Lilly (6.2% post-IPO), co-founder and former chairman Nicholas Cross, founding investor Ian Laing and Malin (5.7% each) private investor George Robinson (5.2%), Blackwell Family (4.2%), Baker Brothers (4%) and Schroders UK Public Private Trust (3.9%).
Goldman Sachs, JP Morgan Securities and Jefferies are serving as joint book-running managers for the offering. They have 30 days to acquire up to an additional 1.25 million shares, which would add $32.5m in gross proceeds if exercised in full.
