Immunocore Holdings, a Phase 3 biotech developing T cell therapies for cancer and other diseases, announced terms for its IPO on Monday.
The Abingdon, UK-based company plans to raise $200 million by offering 8.3 million ADSs at a price range of $23 to $25. The company plans to raise an additional $15 million in a concurrent private placement to The Bill & Melinda Gates Foundation. At the midpoint of the proposed range, Immunocore Holdings would command a market value of $998 million.
Immunocore's pipeline contains its most advanced candidate, tebentafusp, which the company states has demonstrated superior overall survival benefit as a monotherapy in a randomized Phase 3 trial in previously untreated metastatic uveal melanoma. Based on these results, Immunocore is preparing to submit a Biologics License Application to the FDA for tebentafusp for the treatment of metastatic uveal melanoma in the 3Q21.
Immunocore Holdings was founded in 2007 and booked $39 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol IMCR. Goldman Sachs, J.P. Morgan and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
