Edison Investment Research - Immunicum AB (IMMU) Immunicum - Potentially transformational merger

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Edison Investment Research

Sean Conroy

Immunicum - Potentially transformational merger

On 18 November, Immunicum announced that it had agreed to acquire biotech company DCprime by issuing 73.9k new shares or 44% of the enlarged capital. Based in the Netherlands, the privately owned biotech is developing a novel class of allogeneic dendritic cell-based cancer vaccines. The most advanced programme is in AML (Phase II) with interim data presented at the ASH conference on 5–8 December. Immunicum held an Investor event on 8 December, while the EGM will be held on 18 December. Our valuation and estimates are under review and we will revise our model once the merger is complete.

16/12/2020 6 EN

Underlying

Immunicum AB

Immunicum AB is a Sweden-based company principally engaged in the biopharmaceutical sector. The Company develops immunotherapy for therapeutic treatment of cancer and infectious diseases. The Company uses therapeutic vaccines to treat an already existing disease and is thus given to the already sick patients; therapeutic cancer vaccines administered to patients in order to delay or stop tumor cell growth, shrink tumors, prevent relapse, or to kill cancer cells that could not be eliminated with other treatments. The Company has several technology platforms, such as The Combig, Intuvax@, Subcuvax@ and The CD70, among others. The Company has several projects which are related to kidney cancer and liver cancer, among others.

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SE0005003654 Nasdaq Nordic Stockholm Sweden

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Immunicum - Potentially transformational merger

Mendus - Collaboration unveils path forward for ilixadencel

Mendus - Recent clinical data highlight vididencel’s potential

Mendus - All hands on deck as inflection points approach

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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