As the tiny Norwegian biotech gears up to put its first asset into the clinic, investors could use an ongoing trial to handicap its chances of success.
Immunocore has recently been beset with multiple senior executive departures, but has managed to press on into phase I with a Glaxo-partnered asset.
Glaxosmithkline is trying to reinvent itself as an oncology company – but it will need to make bolder deals if it wants to succeed.
A new cell therapy approach has, in low-key fashion, attracted financing and the attention of big biopharma.
Immunocore and Adaptimmune could shortly have a publicly listed rival.
A golden age for biotech flotations yielded some spectacular blow-ups, but also saw several groups reward investors with premium-priced takeovers.