Ipsen acquires ImCheck in US$1bn deal

Pharma giant Ipsen will pay US$1bn to acquire French immuno-oncology firm ImCheck Therapeutics SAS. The deal includes US$350m upfront and up to US$650m in milestone payments. ImCheck focuses on butyrophilins, a new class of immune regulators, through its antibody programme ICT01, currently in Phase I trials.

Under the agreement, Marseille-based ImCheck will receive US$350m upfront and up to US$650m in milestone-based payments. ICT01 targets acute myeloid leukaemia (AML) patients who are unfit for standard treatment. Early Phase I/II results show a 73% response rate and signs of reduced treatment resistance.

ICT01 binds to BTN3A1’s extracellular domains, causing a conformational change. This allows BTN3A1 to engage the T-cell receptor (TCR) on Vγ9Vδ2 T cells, triggering their activation. Activated Vγ9Vδ2 T cells release proinflammatory cytokines, including IFN-γ and TNF-α, boosting the antitumor immune response. Early clinical data suggest BTN3A inhibition may sensitize blasts.

EQT Life Sciences, formerly LSP, invested in ImCheck in 2017 via its LSP 5 fund. The initial Series A investment amount remains undisclosed. Subsequent Series B (€53m in 2019) and Series C (€96m in 2022) rounds included funding from Earlybird, Andera Partners, Invus, and The Leukemia & Lymphoma Society Therapy Acceleration Program.

Pierre d’Epenoux, CEO of ImCheck, said: “This transaction recognises groundbreaking science from French academia. It highlights the exceptional work of the ImCheck team and our partners in advancing butyrophilins and gamma delta T cells. Joining Ipsen will accelerate ICT01 toward registrational studies and commercialisation.”