Immunocore, a UK-based immunotherapy developer backed by pharmaceutical firms Eli Lilly and WuXi AppTec, 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.
Founded in 2008 by immunotherapy provider MediGene, 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 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.
Eli Lilly joined 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.
