Imugene Ltd (AX:IMU) has in-licenced a pipeline of B-cell vaccines that complements and advances its in-house programme. The deal has brought forward significant value-creation opportunities while maintaining Imugene’s focus on B-cell vaccine technologies. It accelerates the key PD-1 and PD-1/HER2 combo programmes by two years compared to its original pipeline. The company is well funded to accelerate key clinical studies for the newly combined pipeline. Our valuation is A$147m or 4.1 cents per share.
B-cell vaccine alternative to checkpoint inhibitors
KEY-Vaxx, the in-licensed PD-1 B-cell vaccine, aims to induce the body to produce polyclonal antibodies that block PD-1 signalling, and thus produce an anticancer effect similar to Keytruda, Opdivo and the other immune checkpoint inhibitor (ICI) monoclonal antibodies that are transforming treatment of a range of cancers. KEY-Vaxx has shown great potential in preclinical studies. It outperformed an industry-standard mouse anti-PD-1 antibody in a mouse model of HER2+ colorectal cancer.
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