DUBLIN: Malin Corporation notes that its investee company, Immunocore, has announced the pricing of its initial public offering (IPO) of 9.9 million American Depositary Shares (ADSs) representing 9.9 million ordinary shares at an initial public offering price of $26 per ADS for total gross proceeds of approximately $258 million.
Immunocore also raised $15 million in a concurrent private placement. Immunocore’s ADSs are expected to begin trading on The Nasdaq Global Select Market today (5 February 2021) 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 ADSs at the IPO price, less underwriting discounts and commissions.
Proceeds from the IPO will be used to advance the company’s lead product candidate through the completion of its Phase 3 clinical trial as well as preparing for its commercial launch and 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 approximately €51 million. The last disclosed fair value estimate of Malin’s investment in Immunocore was €49.8 million at 31 August 2020. Malin did not participate in the IPO and following the IPO, Malin retains an approximate 6% stake in the company.
All of Malin’s ADSs in Immunocore are restricted from resale for a period of 180 days under market standoff and lock-up agreements.
Commenting on the IPO, Darragh Lyons, Malin CEO, said: “Immunocore’s IPO is a significant milestone for the company. It follows the recent positive Phase 3 data for its most advanced product candidate, tebentafusp, for the treatment of metastatic uveal melanoma.
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.”
Immunocore is a late-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – Immune mobilising monoclonal TCRs Against X disease – designed to treat a broad range of diseases, including cancer, infectious and autoimmune.
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses.
Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. www.malinplc.com