Dear fellow shareholder,
Today we have made the most significant announcement in our Company’s history.
The impending acquisition of French biopharmaceutical company Immutep is set to transform Prima BioMed. Following the acquisition, we will be a multi-product Company which is set up for growth in one of the most sought after fields in biotechnology and which is supported by several leading industry partners.
Immutep has a strong complementary product portfolio including an advanced stage clinical trial program for different cancer indications such as metastatic breast cancer, which is being developed in partnership with Chinese pharmaceutical company Eddingpharm. It also has two products being developed by GlaxoSmithKline and CoStim (Novartis) in clinical and pre-clinical programs.
As part of our business development program under new Chief Executive Officer, Marc Voigt, a significant number of opportunities have been carefully assessed by the Board and management team. After rigorous due diligence, including an independent report by KPMG, Immutep was selected due to the considerable current and future opportunities it presents for the Company and Prima shareholders.
The acquisition not only provides us with essential industry partnerships but also potential future revenues from agreed milestone payments and royalties. It gives us a presence in the exciting and rapidly developing field of chemo-immunotherapy, just at a time when the market is embracing such combination therapies as the answer to fighting cancer. It also provides an opportunity to develop new products in immune-oncology - Prima’s area of expertise.
Our ongoing development of CVac, one of the most clinically advanced cancer vaccine approaches, remains a core focus for Prima and we eagerly await the overall survival results from our CAN-003 clinical trial during this quarter.
Professor Frédéric Triebel, Immutep’s founder and Scientific and Medical Director, is both an oncologist and an eminent scientist in immunotherapy. His knowledge and product development expertise will also be most valuable in our ongoing development of CVac. I would like to personally welcome him to the Prima team as incoming Chief Scientific Officer, as well as the other Immutep staff.
To fund the transaction, Marc and the team have done a tremendous job in securing an innovative and flexible financing arrangement with Bergen Asset Management. Not only is this on attractive terms, but it brings a major US institutional investor to Prima’s share register. It also limits the potential dilution for shareholders at these low levels, something we are very sensitive to.
Your enduring support is most valued and I would like to thank you for your ongoing loyalty to our Company. I look forward to keeping you updated on our further progress.
Yours sincerely,
Lucy Turnbull
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