EQT Life Sciences announced that global biopharmaceutical company Ipsen has entered into a definitive agreement to acquire its portfolio company, ImCheck Therapeutics, for an upfront payment of €350 million and additional downstream payments, bringing the total potential transaction value to up to €1 billion.
The acquisition represents one of the largest biotech deals in France in recent years and underscores the growing global impact of European life sciences innovation.
Founded in Marseille, ImCheck Therapeutics is a private biotechnology company pioneering the next generation of immuno-oncology therapies through its novel focus on butyrophilins — a distinct family of immune-regulating proteins. The company’s lead asset, ICT01, is a first-in-class monoclonal antibody that targets BTN3A, a key molecule expressed across multiple cancer types. ICT01 is currently being evaluated in Phase I/II clinical trials for patients with acute myeloid leukemia (AML) who are ineligible for standard treatment, with early results demonstrating promising clinical responses.
EQT Life Sciences first invested in ImCheck in 2017 and has played a critical role in its development, providing board-level strategic support and helping guide the company from early scientific validation to late-stage clinical progress. This acquisition follows a string of successful exits by EQT Life Sciences, including the 2024 sale of Amolyt Pharma to AstraZeneca, both of which were part of the France 2030 investment program — a national initiative supporting breakthrough biotech innovation.
The transaction reinforces EQT Life Sciences’ leadership in nurturing high-potential European biotech companies and accelerating their trajectory to global scale. It also marks another milestone in Ipsen’s strategic expansion in oncology, adding a first-in-class immunotherapy platform that complements its existing oncology pipeline and aligns with its focus on addressing unmet medical needs in cancer care.
The acquisition is expected to close by the end of the first quarter of 2026, pending customary regulatory approvals in France and the United States.
KEY QUOTES:
“We are immensely proud to have supported ImCheck’s journey to this significant acquisition by Ipsen. The transaction highlights the strength of ImCheck’s platform and exceptional leadership and team. It is also a testament to our ability to identify hidden gems and support transformative biotech companies.”
Vincent Brichard, Venture Partner, EQT Life Sciences, and Board Member, ImCheck Therapeutics
“This transaction is an extraordinary milestone for ImCheck and puts the spotlight on groundbreaking science originating from French academia. EQT Life Sciences’ support has extended far beyond financing – their strategic guidance and confidence in my leadership has been instrumental in our success. Together, we have advanced pioneering science from concept to late-stage clinical development, demonstrating what visionary investors and dedicated teams can accomplish together.”
Pierre d’Epenoux, Chief Executive Officer, ImCheck Therapeutics
