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Immunocore Targeting T cell receptors

Case Study Deal - Immunocore - Lilly

Genesis 10th December 2015

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Company snapshot

Overview

Headquartered in Abingdon,

Oxfordshire, UK and Philadelphia, US

>180 employees

Treating cancer through the human

immune system with robust ImmTAC

technology platform

Private Series A financing raised

$320 million in July 2015

Lead programme, IMCgp100 in Phase

IIa clinical trial for metastatic melanoma

Significant partnerships with Lilly (co-

development), Genentech,

GlaxoSmithKline and AstraZeneca

Deliver on the IMCgp100 franchise

Accelerate and advance the internal pipeline

Support our strategic partnerships

Invest in the Immunocore organisation

The Goal:

Build a world-leading

premier biotech company

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Building value in Immunocore through own pipeline

Discovery deals

Co-development co-promotion deal

(50:50 profit share)

Wholly owned programmes

for commercialisation

Value retained

Cash

req

uir

em

en

t

Risk

Combination trials

(retaining full rights to IMCgp100)

$108 million cash generated

from partnerships to date

July 2015: $320 million

Series A financing

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A New Class of Cancer Immunotherapies

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New class of drugs addressing intracellular targets

Cell surface

proteinIntracellular target

Proteasome

TAP

HLAPeptides

HLA-peptide

antigen

Cancer cell

~10% targets druggable by antibodies & CARs

~90% targets druggable by ImmTACs

CAR

T cell

AntibodiesADCs

Bispecifics

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ImmTACs –a new class of bi-specific biologic based on the T cell receptor

Soluble, highly stable protein

TCR affinity increased several million fold

75KDa size provides good tumour penetration

Dominant IP

Scalable, low cost manufacture (E.coli)

Early regulatory pathway approved by FDA

and MHRA

Lead programme, IMCgp100 in metastatic

melanoma in Phase IIa

Preliminary clinical data supports MOA,

tolerability and efficacy

Accepted into EMA’s Adaptive Pathway

programme

pM

nM

Affinity

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Summary

Build a world-leading premier biotech company with the initial focus in

immune-oncology and opportunities in autoimmune and infectious

diseases

Robust ImmTAC technology platform

Lead programme (IMCgp100) in Phase 2 clinical trials for metastatic

melanoma

Significant partnerships with Lilly (co-development), Genentech,

GlaxoSmithKline and AstraZeneca

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Case Study Deal - Immunocore - Lilly

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Overview of the Lilly Co-discovery and Co-development collaboration

Multi-target deal signed July 2014

Territory: Global

Options to co-develop sharing costs, risks and rewards

Immunocore primarily responsible for discovery and preclinical

development

Lilly primarily responsible for development

Option to co-promote in selected region

Co-development co-promotion deal

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Key terms

$15 million upfront per programme

Opt-in fee of $10 million per programme if Lilly accepts the preclinical candidate to

develop a programme

Immunocore will have an option to continue co-development with Lilly on a cost-

sharing and profit-sharing basis

No milestones and royalties due if Immunocore decides to opt-in at preclinical

candidate stage

If Immunocore does not exercise its option, it will be entitled to potential future

significant milestone and royalty payments

Immunocore can opt-out at its discretion at multiple points and hence balance risk

versus reward

Different approaches can be taken for each programme

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Immunocore’s Drivers for the Collaboration

Opportunity to expand its internal portfolio of ImmTACs

Co-owning programmes with Lilly

Desire to co-develop with a pharma company with full development,

commercialisation and disease biology expertise

Allows Immunocore to potentially access high value indications

Lower financial risk than 100% proprietary programmes

Maximum flexibility with opportunity to opt-out

Cash

Industry validation and recognition

Lilly is top tier Pharma company!!

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Lilly’s Drivers for the Collaboration

Further strengthening its immuno-oncology franchise

Differentiating from other Pharma through access to a novel immuno-

oncology platform

Leveraging Immunocore’s ImmTAC knowledge

Access to novel intracellular targets

Avoid “me-too” targets

Opportunity to run combination clinical trials with Lilly’s proprietary

programmes and an ImmTAC to enhance efficacy

Reinforcement of Lilly’s combination-focused strategy, which has the

potential to help this patient population where there is a significant

unmet need

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The Strategic Partnership has already led to a 2nd Collaboration

Combination studies

IMCgp100 in combination with Lilly’s galunisertib (LY2157299) and merestinib (LY2801653) for

the treatment of metastatic cutaneous and uveal melanoma respectively

X,x,x,x,x,x,x,

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Factors for Success

Mutual respect for each others’ expertise and skill base

Collaborative alignment on goals and priorities

Internal champions within each organisation

Frequent networking at all levels, formally and informally

Trust

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All the Stars were aligned

+

=

Success

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Immunocore Targeting T cell receptors

Case Study Deal - Immunocore - Lilly

Genesis 10th December 2015