GA leads $130m series-B for Immunocore

Katharine Hidalgo
03 March 2020

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General Atlantic has led a $130m series-B funding round for biotechnology company Immunocore.

General Atlantic is a new investor for the company and is currently investing from its General Atlantic Investment Partners 2017 vehicle, which closed on $3.3bn in March 2018.

China-based investors CCB International, Terra Magnum Capital Partners and WuXi AppTec's Corporate Venture Fund, as well as US-based JDRF T1D Fund and Rock Springs Capital, also participated in the round as new backers.

Five existing investors, including Eli Lilly and Company and RTW Investments took part in the round.

The Bill & Melinda Gates Foundation has also converted an outstanding loan note as part of the funding round.

The fresh capital will go towards expanding and accelerating Immunocore's clinical-stage pipeline as well as its lead program tebentafusp (IMCgp100), which is in clinical studies as a potential treatment for patients with metastatic uveal melanoma.

Previous funding
In 2012, the company received a £2.4m grant from Biomedical Catalyst Fund.

In 2015, Woodford Investment Management, RTW Investments and Eli Lilly invested $320m in Immunocore.

A portfolio of Woodford's assets, including the stake in Immunocore, was expected to be sold to a consortium led by WG Partners, following the suspension of the Woodford Equity Income fund due to concerns about its exposure to illiquid shareholdings prompting redemption requests. However, the sale collapsed in February 2020, according to press reports.

Company
Immunocore is a clinical-stage T cell receptor biotechnology company working to develop and commercialise medicines to address a variety of cancers, infections and autoimmune diseases.

Founded in 2008 and based in Abingdon, it operates an office in Philadelphia and employs 403 people, according to LinkedIn.

People
General Atlantic – Rob Perez (operating partner).
Immunocore - Bahija Jallal (CEO).