Immutep - Merck collaboration opens new opportunities
Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321) plus Keytruda in lung, head and neck and ovarian cancers. It is positive to see Immutep collaborating with a leading immunotherapy company, with three new indications added to its ongoing studies in breast cancer and melanoma. It has raised $5.2m through a placement and has opened a share purchase plan to raise up to $8m. We increase our valuation to $333m (vs $206m) or $10.41/ADR (vs $8.75/ADR).Immutep is engaged in the research, development and commercialisation of licensed medical biotechnology. Co. operates in one operating segment, being cancer immunotherapy. Co.'s primary compound, IMP321, has two clinical studies, namely a Phase IIb chemo-immunotherapy trial in metastatic breast cancer and a Phase I study in combination with an immune checkpoint inhibitor.
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