Who Owns Immunocore Company?

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Who Owns Immunocore?

Understanding a company's ownership is key to grasping its strategic direction. For Immunocore Holdings plc, a biotechnology firm focused on T cell receptor bispecific immunotherapies, its February 2021 IPO significantly altered its ownership landscape.

Founded in 2008, Immunocore leverages its proprietary ImmTAC technology to develop innovative cancer treatments. The company's lead therapy, KIMMTRAK, is approved for certain uveal melanoma patients, highlighting its progress in the oncology sector. For a deeper look at the external factors influencing the company, consider the Immunocore PESTEL Analysis.

As of July 2025, Immunocore has a market capitalization of approximately $1.86 billion with 50.2 million shares outstanding. Its ownership has transitioned from its founders and early investors to a broader base including institutional investors, private equity, and individual shareholders.

Immunocore was established in 2008, with its scientific foundation originating from research by Bent Jakobsen. He initially spun out the core T-cell receptor technology from Oxford University in 1999. The company's official co-founders are George Edward Silvanus Robinson, Nicholas John Cross, Bent Jakobsen, and George Kelly Martin.

Early Backing

During its private years, Immunocore secured significant early funding. In July 2015, it raised $320 million, which was Europe's largest life sciences private funding round at the time.

Key Investors

Prominent investors in the 2015 round included Fidelity Management & Research Company, Woodford Investment Management, Malin Corporation, Eli Lilly and Company, and RTW Investments.

Foundation Investment

The Bill & Melinda Gates Foundation invested $40 million in September 2017 to advance Immunocore's ImmTAV and ImmTAB therapeutics.

Series B Funding

A $130 million Series B round in March 2020 was led by General Atlantic, with participation from new co-investors like CCB International and Rock Springs Capital.

Series C Round

Prior to its IPO, Immunocore completed a $75 million Series C round in January 2021.

Ownership Structure

While initial founder equity splits are not public, these funding rounds indicate a strategic distribution of ownership to institutional and strategic investors.

The early ownership structure of Immunocore was shaped by its significant private funding rounds, which brought in substantial capital from a mix of institutional and strategic investors. These investments were crucial for advancing the company's proprietary technology platform, reflecting the capital-intensive nature of biotechnology research and development. Understanding who owns Immunocore involves looking at these early stakeholders who helped fuel its growth and development, ultimately contributing to its current Target Market of Immunocore.

Founders and Early Investors

Immunocore's journey began with its founders and was significantly propelled by substantial private financing. The company's early ownership reflects a strategic blend of scientific expertise and financial backing.

• Founded in 2008, with roots in research from Oxford University.
• Official co-founders include Bent Jakobsen, George Edward Silvanus Robinson, Nicholas John Cross, and George Kelly Martin.
• Secured $320 million in a 2015 private financing round, a record for European life sciences at the time.
• Key investors included Fidelity Management & Research Company, Woodford Investment Management, and the Bill & Melinda Gates Foundation.
• Further funding rounds in 2020 and 2021 provided additional capital prior to its public offering.

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The ownership structure of Immunocore significantly shifted with its public debut in February 2021. This transition from a private, venture-backed firm to a publicly traded entity on the Nasdaq marked a new era for the company's investor base and governance.

Following its initial public offering, Immunocore's ownership is now largely concentrated among institutional investors. As of March 31, 2025, these entities collectively hold approximately 95.30% of the company's shares. Insiders represent about 4.33% of ownership, while retail investors hold a smaller portion at 0.36%. This distribution highlights the significant influence that large investment firms can have on the company's strategic direction and corporate governance.

Key Institutional Shareholders

Major institutional investors play a crucial role in Immunocore's shareholder landscape. Their substantial holdings often translate into active engagement with the company's management.

• T. Rowe Price Investment Management, Inc. holds 14.04%.
• Wellington Management Group LLP has a stake of 12.21%.
• RTW Investments, LP owns 9.69%.
• FMR LLC accounts for 9.64%.
• Baker Bros. Advisors LP is the largest individual institutional shareholder with 4.27% as of July 2025.
• Eli Lilly & Co., an early supporter, maintained a 5.09% stake.

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The Board of Directors at Immunocore is instrumental in guiding the company's strategic direction and ensuring accountability to its shareholders. As of July 2025, the board comprises individuals with significant expertise in science, medicine, and finance, reflecting the company's focus on cutting-edge biotechnology. This structure aims to balance executive leadership with independent oversight and representation from key stakeholders.

While Immunocore operates under a standard one-share-one-vote system, typical for Nasdaq-listed biotech firms, the influence of major institutional investors is notable. These large shareholders, often with board representation, play a significant role in the company's governance. The company's history, including its early stages as detailed in a Brief History of Immunocore, has seen shifts in its ownership structure, with institutional backing becoming increasingly important. There have been no significant public disputes or activist campaigns impacting Immunocore's governance recently, suggesting a stable operational environment.

Understanding Immunocore's Governance

The board structure at Immunocore is designed to foster robust decision-making and oversight. Key individuals bring diverse backgrounds to the table, ensuring a comprehensive approach to the company's operations and future growth.

• Professor Sir John Bell leads as Chairman, leveraging deep scientific and industry knowledge.
• Dr. Bahija Jallal provides essential executive leadership as CEO and Director.
• Institutional investors, like those represented by Ranjeev Krishana, hold significant influence.
• The board composition reflects a strong emphasis on scientific credibility and financial acumen.

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Over the past few years, Immunocore's ownership structure has been shaped by significant financial maneuvers and operational growth. These developments reflect a dynamic environment for biotechnology companies seeking to fund innovation and market expansion, influencing who owns Immunocore.

Immunocore's stock performance and financial health are key indicators for its shareholders. As of July 22, 2025, the company's stock was trading around $36.93, with a market capitalization of $1.86 billion. The first quarter of 2025 saw a notable financial improvement, with net product sales reaching $93.9 million, a 33% increase year-over-year, and a net income of $5.0 million. This turnaround, largely driven by KIMMTRAK sales and its global rollout, signals positive momentum for Immunocore shareholders.

Institutional Investor Dominance

Institutions hold a substantial majority of Immunocore's stock, with 95.30% ownership as of July 2025. This high level of institutional backing is common in the biotech sector, as large funds invest in companies with promising therapeutic pipelines.

Strategic Financial Activities

A $140 million private placement in July 2022, which included participation from major investors like RTW Investments, LP, demonstrates continued confidence. These funds are crucial for advancing clinical trials and expanding market access for key therapies.

Founder and Leadership Presence

While multiple funding rounds and an IPO naturally lead to some founder dilution, the ongoing involvement of founding members in leadership roles and on the board is significant. This suggests a balance between the company's original vision and the interests of its broader investor base.

Future Growth and Expansion Focus

Immunocore's strategic priorities for 2025 highlight a commitment to expanding global access to KIMMTRAK and progressing its pipeline in autoimmune diseases. These efforts are designed to drive long-term value for all Immunocore shareholders and solidify its market position.

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