Malin-backed Immunocore files for $258m Nasdaq IPO

The UK biotech company says proceeds from the IPO will be used to advance its lead product

Immunocore, a UK biotech company in which Dublin-listed Irish life sciences investment company Malin has a 6 per cent stake, has filed to raise $258 million (€216m) in an initial public offering (IPO).

The company, whose most advanced pipeline product is an eye cancer therapy currently in late clinical trials, announced the pricing of its IPO of 9.9 million shares for $26 per share on Friday.

Immunocore also raised $15 million in a concurrent private placement.

The shares are expected to begin trading on the Nasdaq under the ticker symbol IMCR. In addition, Immunocore has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares at the IPO price, less underwriting discounts and commissions.


The company said proceeds from the IPO would be used to advance its lead product candidate through the completion of its phase-three clinical trial as well as preparing for its commercial launch.

They will also be used to fund the ongoing and planned clinical development of Immunocore’s other product candidates, as well as for general corporate purposes.

Based on the public offering price, the value of Malin’s stake in Immunocore is about €51 million. The last disclosed fair value estimate of Malin’s investment in Immunocore, in August, was €49.8 million.

Malin did not participate in the IPO and retains a 6 per cent stake in the company. All of Malin’s shares in Immunocore are restricted from resale for a period of 180 days under market standoff and lock-up agreements.

Malin chief executive Darragh Lyons said the IPO was a “significant milestone” for the company.

“It follows the recent positive phase-three data for its most advanced product candidate, tebentafusp, for the treatment of metastatic uveal melanoma,” he said.

“The company is now well funded to advance its broad clinical pipeline in oncology and infectious disease that leverages its unique T cell receptor bi-specific technology platform.

“The company expects to have several important clinical milestones during the second half of 2021 and during 2022.”

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter