BERLIN, GERMANY, 22 October 2025 — Earlybird Health is pleased to announce the acquisition of its portfolio company ImCheck Therapeutics by Ipsen (Euronext: IPN; ADR: IPSEY), in a transaction valued at up to EUR 1 billion.

Earlybird Health has co-led the financing of ImCheck since 2022, and has provided comprehensive support beyond capital, at the board level. ImCheck’s shareholders will be eligible to receive a payment of EUR 350 million and downstream payments, for a total potential consideration of up to EUR 1 billion. This exit marks a major success for Earlybird Health’s investment strategy, reinforcing its focus on supporting breakthrough European life science companies that have a global impact.

ImCheck Therapeutics, based in Marseille, France, is pioneering immuno-oncology therapies by targeting butyrophilins, a novel group of immune-regulating proteins. Its lead drug, ICT01, is being tested in acute myeloid leukemia (AML) patients who are not fit for standard treatment, with early Phase I/II trial results showing promising responses. ICT01 is a first-in-class monoclonal antibody targeting BTN3A, a key immune-regulatory molecule broadly expressed across cancer.

Florent Gros, Partner at Earlybird Health, said: “AML patients  undergo intensive chemotherapy and have limited treatment options. Early clinical data from ICT01 shows the efficacy power of proliferating certain subtypes of T cells to kill cancer. It is also a testament to Earlybird Health's ability to identify hidden gems and support transformative biotech companies.”

Pierre d’Epenoux, CEO of ImCheck Therapeutics, said: “We are thrilled to become part of Ipsen, a company whose ambition for transformative care matches our commitment to bringing innovative treatments to patients. This transaction recognizes groundbreaking science originating from French academia. It also highlights the exceptional work the ImCheck team and our partners have achieved to advance the understanding of butyrophilns and gamma delta T cells. Joining Ipsen will help us accelerate ICT01 toward registrational studies and commercialization. I remain grateful to the patients and our investors for their contributions to furthering ImCheck’s pioneering science.”

The transaction is expected to close by the end of Q1 2026, subject to customary closing conditions, including regulatory approvals under French and U.S. regulations.

Media Contact

Dr. Freskida Goni, freskida@earlybird.com

Health Communications and Public Relations

About ImCheck Therapeutics

ImCheck Therapeutics is developing a new generation of immunotherapeutic antibodies targeting butyrophilins, a novel superfamily of immunomodulators. By unlocking the power of γ9δ2 T cells, ImCheck’s innovative approach has the potential to transform treatments across oncology, autoimmune, and infectious diseases.

The lead clinical-stage program, ICT01, has been advancing to late-stage trials, demonstrating a unique mechanism of action that modulates both innate and adaptive immunity. These “first-in-class” activating antibodies may deliver superior clinical outcomes compared to first-generation immunotherapy approaches, in particular in rationale combinations with immune checkpoint inhibitors and immunomodulatory anti-cancer drugs. Additionally, ImCheck’s pipeline compounds are progressing toward clinical development for autoimmune and infectious diseases.

The company benefits from the pioneering research of Prof. Daniel Olive (INSERM, CNRS, Institut Paoli Calmettes, Aix-Marseille University), a global leader in γ9δ2 T cells and butyrophilins, as well as the expertise of a seasoned management team and the commitment of leading U.S. and European investors including  Kurma Partners, Eurazeo,  EQT Life Sciences (previously LSP), Gimv, Bpifrance through its Innobio 2 and Large Venture funds, Pfizer Venture, Wellington Partners, Boehringer Ingelheim Venture Fund, Agent Capital, Alexandria Venture Investments, Pureos Bioventures Andera Partners, Earlybird Health, Invus and Blood Cancer United (previously LLS)®.

For further information: https://www.imchecktherapeutics.com/