Ipsen Acquires ImCheck Therapeutics in $1.6B Deal, Bolstering Oncology Pipeline

French pharmaceutical company Ipsen has announced its acquisition of ImCheck Therapeutics, a privately-held immuno-oncology specialist, in a deal valued at up to €1 billion ($1.59 billion). The acquisition, expected to close by the end of Q1 2026, significantly strengthens Ipsen's oncology portfolio, particularly in the field of acute myeloid leukemia (AML) treatment.

Deal Structure and Financial Details

Under the terms of the agreement, ImCheck shareholders will receive an upfront payment of €350 million ($406 million) upon closing. The deal includes potential additional payments of up to €650 million ($1.18 billion) tied to unspecified regulatory approvals and sales-based milestones, bringing the total potential value to €1 billion ($1.59 billion).

ICT01: A Promising Leukemia Antibody

The centerpiece of the acquisition is ICT01, a monoclonal antibody targeting BTN3A, an immune-regulatory molecule expressed in various cancers. ICT01 is currently in Phase I/II testing for AML in the EVICTION trial and has received orphan drug designation from the FDA in July.

Interim data from the EVICTION trial, presented at the American Society of Clinical Oncology meeting in June, showed encouraging results. When combined with standard chemotherapies venetoclax and azacytidine, ICT01 demonstrated a doubling of treatment response compared to historical standard of care.

Ipsen CEO David Loew announced plans to initiate Phase IIb/III testing for ICT01 in 2026, signaling the company's confidence in the therapy's potential.

Expanding Oncology and Immunology Pipeline

Beyond ICT01, the acquisition brings additional assets to Ipsen's pipeline:

• ICT01 is also being evaluated in childhood AML, stage III/IV melanomas, and solid tumors.
• ICT41, a preclinical T cell activator for bacterial and viral infections.
• Additional preclinical BTN-targeting assets for solid tumors, hematological cancers, and autoimmune diseases.

This acquisition aligns with Ipsen's recent strategy of expanding its portfolio through licensing deals and acquisitions. Since 2024, the company has engaged in several significant partnerships, including a $1 billion deal with Foreseen Biotechnology for an antibody-drug conjugate, a $350 million agreement with Day One for an oral RAF inhibitor, and a $1.8 billion collaboration with Skyhawk Therapeutics for RNA-targeting molecules in neurological diseases.