Immunocore, a UK-based bispecific immunotherapy developer with roots at University of Oxford, has filed to raise up to $100m in an initial public offering.
Immunocore is developing T-cell engaging receptors (TCR) antibody treatments for cancer, infectious and autoimmune diseases.
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.
It will use some of the IPO takings to advance lead drug candidate Tebentafusp through a phase 3 clinical trial for metastatic uveal melanoma.
Additional proceeds will support clinical development of two other candidates, IMC-C103C and IMC-F106C, for solid tumours, and IMC-I109V for chronic hepatitis B, in addition to strengthening its ImmTAX drug discovery platform.
The company raised $75m in a December 2020 series C round announced earlier this month. It was led by General Atlantic, according to the IPO filing, and included BlackRock and unnamed existing backers, while Oxford Finance put up $100m in debt financing.
Now-defunct Woodford Investment Management, pharmaceutical firm Eli Lilly, Malin Corporation and RTW Investments were among the investors that provided $320m for Immunocore in 2015.
Bill & Melinda Gates Foundation invested $40m in the company in 2017 and joined Eli Lilly and its peer WuXi AppTec’s corporate venturing fund, as well as General Atlantic, CCB International, JDRF T1D Fund, Rock Springs Capital, Terra Magnum Capital Partners and existing backers including RTW Investments in a $130m series B round in March 2020.
Immunocore’s largest shareholders are General Atlantic (12.4%), Eli Lilly (7.9%), co-founder and former chairman Nicholas John Cross and Malin (7.4% each), private investor George Robinson (6.7%), founding investor Ian Laing (6%), Baker Brothers (5.2%) and Schroders, which took over the Patient Capital Trust assets of Woodford (5%).
Goldman Sachs, JP Morgan Securities and Jefferies have been appointed underwriters for the offering, which will take place on the Nasdaq Global Market.
– A version of this article first appeared on our sister site, Global Corporate Venturing.

UK-based bispecific immunotherapy developer Immunocore has filed to raise up to $100m in an initial public offering that will enable pharmaceutical firms Eli Lilly and WuXi AppTec to exit.

Immunocore is developing T-cell engaging receptors (TCR) antibody treatments for cancer, infectious and autoimmune diseases, and will use some of the IPO takings to advance lead drug candidate Tebentafusp through a phase 3 clinical trial for metastatic uveal melanoma.

Additional proceeds will support clinical development of two other candidates, IMC-C103C and IMC-F106C, for solid tumours, and IMC-I109V for chronic hepatitis B, in addition to strengthening its ImmTAX drug discovery platform.

The company raised $75m in a December 2020 series C round announced earlier this month. It was led by General Atlantic, according to the IPO filing, and included BlackRock and unnamed existing backers, while Oxford Finance put up $100m in debt financing.

Eli Lilly, Woodford Investment Management, Malin Corporation and RTW Investments were among the investors that provided $320m for Immunocore in 2015, seven years after it was spun off by T-cell cancer therapy developer MediGene.

Bill & Melinda Gates Foundation invested $40m in the company in 2017 and joined Eli Lilly, WuXi AppTec’s corporate venturing fund, General Atlantic, CCB International, JDRF T1D Fund, Rock Springs Capital, Terra Magnum Capital Partners and existing backers including RTW Investments in a $130m series B round in March 2020.

Immunocore’s largest shareholders are General Atlantic (12.4%), Eli Lilly (7.9%), co-founder and former chairman Nicholas John Cross and Malin (7.4% each), private investor George Robinson (6.7%), founding investor Ian Laing (6%), Baker Brothers (5.2%) and Schroders (5%).

Goldman Sachs, JP Morgan Securities and Jefferies have been appointed underwriters for the offering, which will take place on the Nasdaq Global Market.