EQT Life Sciences' ImCheck Therapeutics to be acquired by Ipsen in a transaction valued at up to EUR 1 billion

• Ipsen and ImCheck Therapeutics have entered into a definitive share purchase agreement. 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.
• ImCheck Therapeutics is a private French biotechnology company pioneering next-generation immuno-oncology therapies.
• EQT Life Sciences has backed ImCheck since 2017 and has provided comprehensive support beyond capital, at the board level.

STOCKHOLM, Oct. 22, 2025 /PRNewswire/ -- EQT Life Sciences is pleased to announce that Ipsen (Euronext: IPN; ADR: IPSEY) has entered into a definitive agreement to acquire its portfolio company ImCheck Therapeutics for EUR 350 million at closing, with a total transaction value of up to USD 1 billion.

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.

EQT Life Sciences invested in the business in 2017, as part of a syndicate of investors, and has since provided comprehensive support, including at the board level.

Vincent Brichard, Venture Partner at EQT Life Sciences and board member at ImCheck Therapeutics, said: "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."

Pierre d'Epenoux, CEO of ImCheck Therapeutics, said: "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."

Together with the Amolyt Pharma exit to AstraZeneca in 2024, EQT Life Sciences has achieved successful exits from its two portfolio companies under the France 2030 investment program – a government initiative supporting the most promising French biotech innovations. This highlights EQT Life Sciences' expertise in identifying leading European biotech companies and turning them into global success stories.

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.

Contact
EQT Press Office, press@eqtpartners.com

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