Immunocore

What Immunocore does

Immunocore Holdings plc (NASDAQ: IMCR) is a UK-headquartered, commercial-stage biotechnology company founded in 2008 that pioneered the development of T cell receptor (TCR) bispecific immunotherapies through its proprietary ImmTAX platform. The company's core technology generates soluble TCR molecules engineered to recognize intracellular disease antigens with ultra-high affinity, fused to anti-CD3 immune-effector functions that redirect and activate T cells to destroy target cells. ImmTAX encompasses three modality families: ImmTAC for oncology, ImmTAV for infectious diseases, and gamma delta TCR technology for non-HLA restricted therapies developed with Gadeta. The platform has produced five clinical-stage programs.

The company's sole approved and commercialized product is KIMMTRAK (tebentafusp-tebn), a bispecific TCR targeting gp100 in melanocytes that received FDA approval in January 2022 as the first TCR therapeutic and first bispecific T cell engager approved for a solid tumor. KIMMTRAK is indicated for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma — a rare and aggressive eye cancer with no prior approved therapy — and has demonstrated statistically significant overall survival benefit (hazard ratio 0.51) with five-year survival of 16% versus 8% in the control arm. KIMMTRAK has subsequently received approval from the European Commission, UK MHRA, Australian TGA, Health Canada, and NICE.

Immunocore generates revenue primarily through KIMMTRAK product sales, with FY2025 net sales of $400M (29% YoY growth) and a 96.5% gross margin. Distribution occurs through specialty pharmacy networks and academic medical centers in the US and EU, supplemented by the Medison Pharma partnership covering Canada, Central Eastern Europe, and Israel. The KIMMTRAKConnect patient support program provides nurse case managers, financial assistance, and care coordination. Secondary revenue includes collaboration income from the Genentech/Roche co-development and co-promotion agreement for IMC-C103C (MAGE-A4) and Gates Foundation funding for HIV/HBV programs. The company maintains a cash position of $864.2M and a market valuation of approximately $1.6B.

Name

Immunocore

Legal name

Immunocore Holdings plc

Website

https://immunocore.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

Immunocore is a UK-based commercial-stage biotechnology company that develops T cell receptor bispecific immunotherapies using its proprietary ImmTAX platform, commercializing KIMMTRAK (tebentafusp) as the first FDA-approved TCR therapeutic for HLA-A*02:01-positive metastatic uveal melanoma. The company serves rare disease oncology patients globally and has pipeline programs in solid tumors and infectious diseases.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

CAR-T & TCR-T Therapies (HLAAABAC)

akta.pro secondary industry

Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)

Keywords

• TCR bispecific immunotherapies
• ImmTAC platform therapeutics
• Oncology biologics
• Bispecific T cell engagers
• Cancer immunotherapy

Headquarters

HQ city

Abingdon

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. KIMMTRAK Product Sales: Immunocore generates revenue primarily through sales of KIMMTRAK (tebentafusp-tebn), its FDA-approved treatment for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma. The company commercializes the product directly in the US and EU markets and through distribution partners in other regions. Revenue is generated through product sales to specialty pharmacies and healthcare providers.
2. Collaboration Revenue: The company receives collaboration revenue from partnerships such as the co-development and co-promotion agreement with Genentech for IMC-C103C, where Immunocore shares program costs and profits equally. Additionally, the company receives funding from the Bill and Melinda Gates Foundation for HIV and hepatitis B programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Immunocore develops and commercializes T cell receptor (TCR) bispecific immunotherapies using its proprietary ImmTAX platform. Its flagship approved product KIMMTRAK (tebentafusp-tebn) is the world's first approved TCR therapeutic, indicated for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma. The pipeline extends the ImmTAC and ImmTAV platforms to additional solid tumors and infectious diseases including HIV and hepatitis B.

Differentiator

Problem solved

Functional benefit

Brands

• KIMMTRAK (tebentafusp): The company's flagship approved product - a novel bispecific protein comprised of a soluble T cell receptor fused to an anti-CD3 immune-effector function for treating metastatic uveal melanoma
• ImmTAX
• ImmTAC
• ImmTAV

Products and services

• KIMMTRAK (tebentafusp-tebn) FDA-approved TCR bispecific biologic for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma; first TCR therapeutic and first bispecific T cell engager approved for a solid tumor; sold to oncology specialty pharmacies and academic medical centers.
• KIMMTRAK (tebentafusp) - EU Marketing Authorization European Commission-approved version of KIMMTRAK for the same metastatic uveal melanoma indication, distributed through regional commercialization partners across EU markets.
• KIMMTRAK (tebentafusp) - UK, Australia, Canada Approval KIMMTRAK approved by UK MHRA, Australian TGA, and Health Canada for treatment of unresectable or metastatic uveal melanoma; sold through regional distribution and commercialization partners.
• IMC-C103C (MAGE-A4 ImmTAC) Investigational ImmTAC bispecific T cell engager targeting MAGE-A4 for treatment of solid tumors including ovarian cancer, head and neck squamous cell carcinoma, non-small cell lung cancer, gastric cancer, and synovial sarcoma; in clinical development under partnership with Genentech.
• IMC-M113V (HIV ImmTAV) Investigational ImmTAV bispecific therapy targeting the HIV Gag antigen presented on HLA-A*02-infected cells, being developed as a potential functional cure for HIV infection.
• IMC-I109V (Hepatitis B ImmTAV) Investigational ImmTAV bispecific therapy targeting a conserved hepatitis B virus envelope antigen, in development as a potential functional cure for chronic hepatitis B infection.
• Brenetafusp (PRAME-targeting ImmTAC) Investigational PRAME-targeting ImmTAC bispecific therapy for heavily pretreated advanced melanoma; clinical-stage candidate with updated Phase 1/2 data reported at ASCO 2026.
• Gamma delta TCR ImmTAC (Gadeta collaboration) Investigational non-HLA-restricted gamma delta TCR ImmTAC bispecific therapy for solid tumors including colorectal cancer, developed under a collaboration with Gadeta.

Quantifiable outcome

• Overall survival hazard ratio of 0.51 (p<0.0001) in metastatic uveal melanoma Phase 3 trial
• +5 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• GadetacoreStrategic or Co-development Partner · 2 December 2022Immunocore and Gadeta entered into a collaboration agreement to develop the first gamma delta (γδ) TCR ImmTAC for solid tumors, including colorectal cancer. The collaboration combines Gadeta's gamma delta TCR identification expertise with Immunocore's TCR bispecific engineering and commercialization capabilities. Immunocore has an option for an exclusive license to further research, develop and commercialize ImmTAC candidates from the collaboration.
• Medison Pharma Ltd.coreChannel Partner/ Reseller/ Distributor · 1 October 2021Immunocore entered into an exclusive multi-regional agreement with Medison Pharma to help seek regulatory authorization and commercialize KIMMTRAK (tebentafusp) for the treatment of patients with metastatic uveal melanoma in Canada, twenty markets across Central Eastern Europe and Israel. Medison Pharma provides commercialization services including regulatory support and market access.
• Genentech (Roche Group)coreStrategic or Co-development PartnerImmunocore and Genentech have a co-development and co-promotion collaboration for IMC-C103C, an ImmTAC molecule targeting MAGE-A4. Under the agreement, Immunocore shares program costs and profits equally with Genentech. The collaboration includes a Phase 1/2 dose escalation trial evaluating safety and preliminary clinical activity in solid tumors.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Genmab A/S: Bispecific antibody platform company (DuoBody) with multiple approved and clinical-stage T-cell engagers including epcoritamab (AbbVie partnership). Competes in the same bispecific T-cell redirection modality space as Immunocore's ImmTAC molecules.
• Xencor, Inc. Clinical-stage biotech with XmAb bispecific antibody platform developing T-cell engagers (e.g., vudalimab, plamotamab) and immune-modulating therapeutics. Competes in the bispecific T-cell redirection space with multiple oncology candidates.
• AstraZeneca plc: Global oncology leader with Tagrisso, Imfinzi, Enhertu (with Daiichi Sankyo), and bispecific programs (datopotamab deruxtecan). Competes across solid tumor indications and represents a potential strategic partner or acquirer for pipeline assets.
• Regeneron Pharmaceuticals, Inc. Major bispecific antibody developer with VelociBi platform (linvoseltamab, odronextamab) competing in T-cell engaging therapeutics for solid tumors and hematologic malignancies; broader portfolio including Eylea, Dupixent, and Libtayo oncology.
• Bristol-Myers Squibb Company: Major oncology incumbent with Opdivo (PD-1), Yervoy (CTLA-4), and growing bispecific portfolio. Competes in IO/oncology space and represents both a partner candidate and a competitive threat across Immunocore's solid tumor pipeline.
• Genentech (Roche Holding AG): Existing strategic partner on IMC-C103C (MAGE-A4) and broader oncology leader with multiple bispecifics and IO franchises. Both a commercial collaborator and competitive presence in the solid tumor T-cell engager space.

Direct peers

• MacroGenics, Inc. Clinical-stage bispecific antibody developer (Margenza, enoblituzumab, vobramitamab duocarmazine) focused on solid tumors with DART and TRIDENT platforms enabling T-cell redirecting therapies similar to Immunocore's TCR bispecifics.
• Harpoon Therapeutics (Merck): Developed T-cell engagers (HPN328 targeting DLL3, HPN217) for solid tumors using ProTriTAC and TriTAC platforms; acquired by Merck in 2024. Direct competitor in the T-cell engager space for solid tumors, though no longer independent.
• Adaptimmune Therapeutics plc: Clinical-stage TCR therapy company focused on SPEAR T-cell receptor therapies for solid tumors, including MAGE-A4-targeted Tecelra (afami-cel). Closest direct peer with same TCR-targeting technology and shared MAGE-A4 program space (IMC-C103C).

Emerging players

• Allogene Therapeutics, Inc. Clinical-stage allogeneic CAR-T cell therapy company targeting solid tumors and hematologic malignancies. Represents the cell therapy approach to TCR/CAR-based oncology therapeutics — adjacent modality to Immunocore's soluble TCR bispecifics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@immunocoreofficial
• LinkedInlinkedin.com/company/immunocore
• Xx.com/immunocore
• Facebookfacebook.com/482424411947564

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds8 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Immunocore