Medigene forms spin-off Immunocore

German biotech MediGene announced today that its UK subsidiary, MediGene Ltd., will be merged into its new spin-off company, Immunocore. As of today, the new company--financed by MediGene and three private investors--will take over the UK subsidiary's employees, offices and lab space in Oxfordshire, UK. James Noble has been appointed CEO. Noble is the former CEO of Avidex, a company MediGene acquired in 2006 (which later became Medigene Ltd).

Immunocore will take over the development of MediGene Ltd.'s technology platform for monoclonal T-cell receptors (mTCR). As the largest shareholder, MediGene holds a 38.5 percent stake in the company, but will not finance the mTCR technology. The company also retains the right of first refusal for defined cancer indications for further development, according to MediGene's statement.

"We are very pleased to have laid the foundation for the continuation and acceleration of the mTCR programme with this spin-out of Immunocore Ltd, "said Dr Peter Heinrich, CEO of MediGene. "As a shareholder, MediGene will benefit from Immunocore's potential upside, while at the same time MediGene expects significant cost reductions and a strengthened focus of its business model. Our clinical programmes in oncology and autoimmune diseases will be our future core activities."

- read the MediGene release