UK-based Immunocore raised $320m yesterday in a funding round backed by investors including pharmaceutical firm Eli Lilly and Company that stands as the largest ever raised by a European private life sciences company.
In addition to Eli Lilly, the oversubscribed round also featured fund manager Woodford Investment Management, healthcare investment firms Malin Corporation and RTW Investments, and undisclosed new and existing investors.
Founded in 2008 by Germany-based biotechnology company MediGene, which held an initial 38.5% stake, and three private investors, Immunocore is developing a class of bispecific biologics it calls ImmTACs in order to fight cancer.
Immunocore has not disclosed any previous equity funding, but has signed research and licensing agreements with pharmaceutical partners including MedImmune, GlaxoSmithKline and Genentech. Eli Lilly signed a $45m development deal with the company in July 2014.
Immunocore’s lead product candidate, IMCgp100, produced positive results in a Phase I/IIa trial in April 2015 for patients with advanced metastatic cutaneous and ocular melanoma.
Eliot Forster, CEO of Immunocore, said: “We are delighted by the interest we have received in this financing round which was significantly oversubscribed.
“This funding will be invaluable in assisting us to continue the rapid advancement of IMCgp100 in the clinic and the further development of our internal portfolio of ImmTACs. This supports us in our mission to build a premier biotech company based on our ImmTAC technology platform.”
Credit Suisse advised Immunocore on the round, while Cooley served as legal counsel to the oncology company.