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

French pharmaceutical company Ipsen has announced a significant acquisition, agreeing to purchase immuno-oncology specialist ImCheck Therapeutics in a deal valued at up to €1 billion ($1.59 billion). The acquisition, expected to close by the end of Q1 2026, marks a major expansion of Ipsen's oncology portfolio, with a particular focus on innovative treatments for acute myeloid leukemia (AML).

ImCheck's Lead Asset: ICT01 for AML Treatment

At the heart of this acquisition is ICT01, ImCheck's promising monoclonal antibody targeting BTN3A, an immune-regulatory molecule expressed in various cancers. Currently in Phase I/II testing for AML, ICT01 has shown encouraging results in early trials:

• The EVICTION trial, combining ICT01 with venetoclax and azacytidine, demonstrated a doubling of treatment response compared to historical standard of care.
• Interim data from 45 patients presented at the American Society of Clinical Oncology meeting in June revealed "very encouraging high responses."
• The FDA granted ICT01 orphan drug designation in July, recognizing its potential in AML treatment.

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 Beyond AML: ImCheck's Broader Pipeline

While ICT01 in AML treatment is the primary focus, the acquisition also brings Ipsen a diverse pipeline of potential therapies:

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

This expanded pipeline aligns with Ipsen's strategy to strengthen its position in oncology and explore new therapeutic areas.

Financial Details and Industry Context

The acquisition terms reflect the potential value of ImCheck's pipeline:

• ImCheck shareholders will receive an upfront payment of €350 million ($406 million).
• Additional payments of up to €650 million are tied to regulatory approvals and sales-based milestones.

This deal is part of a broader trend of acquisitions and licensing agreements in Ipsen's recent history. Since 2024, the company has engaged in several significant partnerships, including:

• A $1 billion deal with Foreseen Biotechnology for an antibody-drug conjugate targeting solid tumors.
• A $350 million agreement with Day One for ex-U.S. licensing of an oral RAF inhibitor for pediatric gliomas.
• A $1.8 billion partnership with Skyhawk Therapeutics focused on RNA-targeting molecules for neurological diseases.

These strategic moves underscore Ipsen's commitment to expanding its pipeline and strengthening its position in key therapeutic areas, particularly in oncology and rare diseases.