Ipsen is set to purchase all issued and outstanding shares of the French biotechnology company ImCheck Therapeutics, which specialises in immuno-oncology therapies.
Ipsen SAS’ fully owned subsidiary will pay ImCheck shareholders €350m ($406.6m) upon completion of the deal without any adjustments for cash or debt.
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The agreement also includes provisions for subsequent payments, dependent on the attainment of regulatory milestones and sales targets.
These payments could bring the total value of the transaction to as much as €1bn ($1.16bn).
The transaction, anticipated to be finalised by the end of the first quarter of 2026, hinges on the satisfaction of standard closing conditions and the receipt of necessary regulatory and governmental consents as per US and French laws.
Legal counsel for Ipsen is provided by Allen & Overy Shearman in Paris, while ImCheck has engaged Centerview Partners as its exclusive financial advisor.
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By GlobalDataFor ImCheck, legal advice is being handled by Goodwin in London and Dentons in Paris.
The primary focus of the acquisition is ImCheck’s ICT01, a Phase I/II programme for the treatment of acute myeloid leukaemia in patients who are not candidates for intensive chemotherapy.
In July 2025, the humanised monoclonal antibody targeting butyrophilin3A (BTN3A), ICT01, received orphan drug status from both the European Medicines Agency and the US Food and Drug Administration.
Ipsen CEO David Loew stated: “At completion, the acquisition of ImCheck Therapeutics presents an opportunity for us to expand our pipeline in oncology and reinforces our commitment to deliver transformative therapies to the people who need them most.
“We feel confident that with the ICT01 promising data combined with Ipsen’s global development and commercialisation expertise, we are well positioned to start a Phase IIb/III trial in 2026.”
