Genentech has put up $100 million (€88 million) in upfront and near-term milestone payments to co-develop an anticancer bispecific antibody with Immunocore. The deal gives the Roche subsidiary at least a partial stake in the preclinical MAGE-A4-targeting drug IMC-C103C.
IMC-C103C, like other candidates based on Immunocore’s ImmTAC platform, is designed to redirect T cells to attack tumors. In the case of IMC-C103C, a T-cell receptor engages with MAGE-A4 on tumor cells, while the attached anti-CD3 antibody fragment enlists the support of T cells. With a third part of the molecule giving stability, Immunocore thinks it can orchestrate strong, lasting immune attacks.
Genentech showed an interest in the concept in 2013 when it struck a discovery-stage pact worth $10 million to $20 million upfront per target, plus many times as much in milestones. And has now tightened its ties to Immunocore with a deal covering a drug that is set to enter the clinic next year.
The deal tasks Immunocore with running a first-in-human trial of IMC-C103C to assess its safety, and provide a glimpse of its potential efficacy, as a monotherapy and in combination with Genentech’s anti-PD-L1 checkpoint inhibitor Tecentriq. Once proof-of-concept data are available, Immunocore has the option to co-develop IMC-C103C or license it to Genentech in return for milestones and royalties.
Securing the deal gives Immunocore’s finances a non-dilutive boost at a time when the company is looking to raise money. Immunocore made waves around the world in 2015 when it raised a $320 million series A round. Since then, the British biotech has taken its lead candidate IMCgp100 into a pivotal trial in uveal melanoma and advanced other internal and partnered assets.
However, there have also been signs of trouble. Immunocore parted company with CEO Eliot Forster earlier this year and has seen multiple other senior people leave. There has also been a social media report of redundancies.
Immunocore’s interest in MAGE-A4 puts it in the same field as sister company Adaptimmune, which is running a phase 1 trial of a T-cell therapy that targets the antigen. Both companies are going after a range of solid tumors, including non-small cell lung cancer.