Ipsen Acquires ImCheck Therapeutics in €1 Billion Deal, Bolstering Oncology Pipeline

French pharmaceutical company Ipsen has announced its acquisition of ImCheck Therapeutics, a next-generation immuno-oncology biotech, in a deal worth up to €1 billion ($1.16 billion). The acquisition centers on ImCheck's lead clinical-stage program for acute myeloid leukemia (AML), positioning Ipsen to potentially deliver a new standard of care for first-line AML patients unable to receive intensive chemotherapy.

Acquisition Details and Financial Terms

Ipsen will pay ImCheck shareholders €350 million ($406 million) upon closing of the deal, expected by the end of Q1 2026. Additional payments of up to €650 million are tied to regulatory approvals and sales-based milestones, bringing the total potential value to €1 billion.

David Loew, CEO of Ipsen, stated, "At completion, the acquisition of ImCheck Therapeutics presents an opportunity for us to expand our pipeline in oncology and reinforces our commitment to deliver transformative therapies to the people who need them most."

ImCheck's Promising AML Therapy

The acquisition is centered on ImCheck's lead asset, ICT01, a monoclonal antibody targeting BTN3A. ICT01 is being investigated in combination with venetoclax and azacitidine for the treatment of AML. In the ongoing phase 1/2 Eviction trial, this combination therapy has shown promising results:

• High response rates in adverse-risk patients
• Treatment responses nearly doubled compared to historical standard of care data
• Well-tolerated safety profile

Ipsen plans to launch a phase 2b/3 trial for ICT01 in 2026, aiming to accelerate its development towards registrational studies and commercialization.

ImCheck's Technology and Pipeline

ImCheck's approach focuses on developing immunotherapeutic antibodies targeting butyrophilins, a novel "superfamily" of immunomodulators. The company's strategy leverages γ9δ2 T cells, which they believe can transform treatment across multiple indications.

Beyond AML, ImCheck's pipeline includes preclinical programs in autoimmune and infectious diseases. The company's innovative platform has attracted significant investor interest, with backing from Pfizer Ventures, EQT Life Sciences, Earlybird, Wellington Partners, Boehringer Ingelheim Venture Fund, and Alexandria Venture Investments, among others.