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UK biotech Immunocore announces pricing of upsized IPO; secures £200M in NASDAQ offering

Immunocore

Immunocore, a clinical-stage, UK-based biotechnology company has announced the pricing of its upsized initial public offering in the United States of 9.9M ADS (American Depositary Shares) representing at $26 (approx £19) per share, for total gross proceeds of approximately $258.3 million (approx £188 million).

The pricing of its IPO on NASDAQ in New York is managed by investment banks like Goldman Sachs, JP Morgan, and Jefferies. It is $158 million (approx £115.4 million) higher than expected in January. 

Furthermore, the company raised $15 million (approx £11 million) in a private placing, taking the total amount raised to $273 million (approx £199 million). 

Last month, Immunocore raised $75 million (approx £58 million) in a Series C funding round. On top of that, it has closed a $100 million (approx £73 million) senior secured loan facility with Oxford Finance LLC. 

Used to launch tebentafusp

The investments will be used to fund a potential commercial launch of tebentafusp.

Headquartered at Milton Park, Oxfordshire, UK, Immunocore pioneers the development of a novel class of TCR bispecific immunotherapies called ImmTAX ( Immune mobilizing monoclonal TCRs Against X disease). It is designed to treat a broad range of diseases, including cancer, infectious and autoimmune.

Phase 3 clinical trial

The company’s most advanced oncology therapeutic candidate, tebentafusp, has demonstrated monotherapy activity in Phase 2 clinical trial in metastatic uveal melanoma, a cancer that has historically proven to be insensitive to other immunotherapies. It is currently being studied in an ongoing Phase 3 clinical trial.

Immunocore has offices in Conshohocken, Pennsylvania, and Rockville, Maryland in the United States.