DAVY VIEW

Following the closing of the $75m Series C funding round announced on January 11th, Immunocore is now filing for IPO on the Nasdaq; this could become effective as early as February. Malin is one step closer to crystallising value in this key priority asset. We think Immunocore could list at a premium to Malin’s current implied value of the asset of c.$760m (at June 30th 2020 – based on a c.7% stake), supported by progress made to date by Immunocore and key milestones over the coming months – in particular the potential approval and commercial launch of its uveal melanoma drug in 2021.