Press release


Antwerp, October 22, 2025, 07:30 CET



Gimv Life Sciences realizes successful exit with the sale of its
stake in Imcheck Therapeutics to Ipsen.
Gimv announces the sale of its stake in ImCheck Therapeutics to Ipsen, marking a
significant milestone for both companies. This transaction highlights Gimv’s strategic
approach to valorizing investments in the life sciences sector, demonstrating how
our support for scientific innovation not only creates tangible value for shareholders,
but also benefits society at large by advancing the medical field through the
introduction of new treatments.

ImCheck Therapeutics (see company website), Bram Vanparys, Managing Partner and board
a French biotechnology company, has member at Imcheck Therapeutics, adds: “This
developed a next-generation antibody exit highlights Gimv’s strategy of investing in
pipeline with its lead program, ICT01, showing high-potential life sciences companies and
highly encouraging results in acute myeloid partnering with visionary teams to advance
leukemia (AML). The Phase I/II EVICTION trial medical breakthroughs. We congratulate
has demonstrated nearly double the treatment ImCheck Therapeutics and Ipsen on this
response compared to historical standards, landmark transaction and look forward to
positioning ICT01 as a potential new standard seeing ICT01 and future pipeline assets make a
of care for high-risk, unfit AML patients. lasting impact in oncology and beyond.”

Ipsen’s acquisition of all issued and outstanding As a result of this transaction, Gimv will receive
shares of ImCheck Therapeutics, for a closing an upfront cash payment that represents a
purchase price of 350 million euro and realized money multiple of 2.6x on our total
potential milestone payments totaling nearly investment and a positive impact of
1 billion euro, reflects the significant value approximately 0.4 euro per share compared to
created by ImCheck’s team, scientific the unaudited NAV communicated in the
founders, and investors. This transaction trading update at the beginning of September.
validates the impact of collaborative Should all regulatory and sales-based
investment in transformative healthcare milestones be achieved, this could result in a
solutions. potential total money multiple of 7.1x, subject
to the successful completion of these
Rishabh Chawla, Principal in Gimv’s Life milestones.
Sciences team declares: “Gimv is proud to
have supported ImCheck’s journey from The transaction is expected to close by the end
academic research to late-stage clinical of Q1 2026, subject to fulfilment of customary
development. The sale to Ipsen not only closing conditions including the expiration or
delivers substantial returns to our stakeholders termination of any required regulatory and
but also ensures that ImCheck’s innovative governmental approvals under French and U.S.
therapies will reach patients worldwide, regulations.
backed by Ipsen’s global development and
commercialization expertise.” For more information, please read the full press
release from Ipsen attached.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
Antwerp, October 22, 2025, 07:30 CET Press release




About Gimv

Gimv is a European investment company, listed
on Euronext Brussels and a member of the
Euronext BEL ESG Index. With over 45 years'
experience in private equity, Gimv currently
manages an investment portfolio of around EUR 2
billion. The portfolio contains about 60 portfolio
companies, with combined turnover of EUR 4.5
billion and more than 20,000 employees.

As a recognized market leader in selected
investment platforms, Gimv identifies
entrepreneurial, innovative companies with high
growth potential and supports them in their
transformation into market leaders. Gimv's five
investment platforms are Consumer, Healthcare,
Life Sciences, Smart Industries and Sustainable
Cities. Each platform works with an experienced
team across Gimv’s home markets of Benelux,
France and DACH, supported by an extended
international network of experts.

Further information on Gimv can be found on
www.gimv.com.

For further information please contact:

Bram Vanparys
Managing Partner – Head of Life Sciences*
T +32 3 290 21 38
bram.vanparys@gimv.com

* acting on behalf of a company




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 2
Press Release


Ipsen to acquire ImCheck Therapeutics,
expanding its leadership in oncology,
strengthening its pipeline
• Acquisition focused on lead clinical-stage program ICT01 in acute myeloid leukemia, where data
from the ongoing Phase I/II EVICTION trial showed high treatment response
• ICT01 has the potential to be a new standard of care in combination in first line unfit acute myeloid
leukemia, an aggressive blood cancer affecting older adults
• Ipsen to acquire all issued and outstanding shares of ImCheck Therapeutics, for which ImCheck
Therapeutics’ shareholders will be eligible to receive a closing purchase price of 350 million euros
and downstream payments contingent upon achievement of regulatory and sales-based
milestones

PARIS AND MARSEILLE, FRANCE, 22 October 2025 – Ipsen (Euronext: IPN; ADR: IPSEY) and ImCheck
Therapeutics today announced they have entered into a definitive share purchase agreement in which
Ipsen will acquire all issued and outstanding shares of ImCheck Therapeutics, a private French
biotechnology company pioneering next-generation immuno-oncology therapies. The anticipated
acquisition is focused on the lead Phase I/II program ICT01 in first line acute myeloid leukemia (AML)3
patients who are ineligible for intensive chemotherapy. ICT01 is a first-in-class monoclonal antibody
targeting BTN3A, a key immune-regulatory molecule broadly expressed across cancer, and received
Orphan Drug Designations from the U.S. Food and Drug Administration and European Medicines
Agency in July 2025.

Many AML patients are unable to tolerate intensive chemotherapy and must rely on lower-intensity
options, which often deliver limited and short-lived benefit.2 This high-risk, unfit population continues
to face a significant unmet medical need, highlighting the urgency for new therapies that can improve
survival and quality of life.

“At completion, the acquisition of ImCheck Therapeutics presents an opportunity for us to expand our
pipeline in oncology and reinforces our commitment to deliver transformative therapies to the people
who need them most,” said David Loew, CEO, Ipsen. “We feel confident that with the ICT01 promising
data combined with Ipsen’s global development and commercialization expertise, we are well
positioned to start a Phase IIb/III trial in 2026.”

Interim data (n=45) orally presented at the annual American Society of Clinical Oncology 20251 from
the Phase I/II EVICTION trial showed treatment with ICT01 in combination with venetoclax and
azacitidine (Ven-Aza) achieved very encouraging high responses. In this single-arm trial, treatment
response nearly doubled relative to those seen in historical standard of care data across all molecular
subtypes in newly diagnosed patients including sub-types typically less responsive to standard of
care (Ven-Aza).2 ICT01 in combination with Ven-Aza was also shown to be well tolerated, underscoring
ICT01’s potential as a novel immunotherapy to improve outcomes for patients with AML.

“We are thrilled to become part of Ipsen, a company whose ambition for transformative care matches
our commitment to bringing innovative treatments to patients. This transaction recognizes


1
groundbreaking science originating from French academia,” said Pierre d’Epenoux, CEO, ImCheck
Therapeutics. “It also highlights the exceptional work the ImCheck team and our partners have
achieved to advance the understanding of butyrophilns and gamma delta T cells. Joining Ipsen will help
us accelerate ICT01 toward registrational studies and commercialization. I remain grateful to the
patients and investors for their contributions to furthering ImCheck’s pioneering science.”

Transaction details
Under the terms of the agreement, through a wholly owned affiliate of Ipsen SAS, shareholders of
ImCheck Therapeutics will receive a 350 million euros payment on a cash-free and debt-free basis at
closing of the transaction, and deferred payments contingent upon the achievement of specified
regulatory approvals and sales-based milestones, for a total potential consideration up to 1 billion
euros.

The transaction is expected to close by the end of Q1 2026, subject to fulfilment of customary closing
conditions including the expiration or termination of any required regulatory and governmental
approvals under French and U.S. regulations.

Advisors
Allen & Overy Shearman (Paris) is acting as legal counsel to Ipsen. Centerview Partners is acting as
exclusive financial advisor to ImCheck Therapeutics with Goodwin (London) and Dentons (Paris) acting
as legal counsel.

About the EVICTION trial
EVICTION is a first-in-human, dose-escalation (Part 1) and cohort-expansion (Part 2) clinical trial of
ICT01 in patients with various advanced relapsed or refractory solid or hematologic cancers that have
exhausted standard-of-care treatment options, as well as newly-diagnosed AML. More information on
the EVICTION trial can be found at clinicaltrials.gov (NCT04243499).

About ICT01
ICT01 is a humanized, anti-BTN3A (also known as CD277) monoclonal antibody that promotes the
recognition and elimination of tumor cells by γ9δ2 T cells, which are responsible for
immunosurveillance of malignancy and infections. The three isoforms of BTN3A targeted by ICT01 are
overexpressed on many solid tumors (e.g., melanoma, urothelial cell, colorectal, ovarian, pancreatic,
and lung cancer) and hematologic malignancies (e.g., leukemia and lymphomas) and are also
expressed on the surface of innate (e.g., γδ T cells and NK cells) and adaptive immune cells (T cells and
B cells). Binding to BTN3A is essential for the activation of the anti-tumor immune response of γ9δ2 T
cells. By altering the conformation of BTN3A, ICT01 promotes this binding, thereby selectively
activating circulating γ9δ2 T cells. This leads to migration of γ9δ2 T cells out of the circulation and into
the tumor tissue, and triggers a downstream immunological cascade through secretion of pro-
inflammatory cytokines, including but not limited to IFNγ and TNFα, further augmenting the anti-tumor
immune response. Anti-tumor activity and efficacy of ICT01 have been shown in patients across
several cancer indications.

About Ipsen
We are a global biopharmaceutical company with a focus on bringing transformative medicines to
patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience.
Our pipeline is fueled by internal and external innovation and supported by nearly 100 years of
development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40
countries and our partnerships around the world enable us to bring medicines to patients in more than
100 countries.

Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary
Receipt program (ADR: IPSEY). For more information, visit ipsen.com.

About ImCheck Therapeutics
ImCheck Therapeutics is developing a new generation of immunotherapeutic antibodies targeting
butyrophilins, a novel superfamily of immunomodulators. By unlocking the power of γ9δ2 T cells,
ImCheck’s innovative approach has the potential to transform treatments across oncology,
autoimmune, and infectious diseases.

The lead clinical-stage program, ICT01, has been advancing to late-stage trials, demonstrating a unique
mechanism of action that modulates both innate and adaptive immunity. These “first-in-class”
activating antibodies may deliver superior clinical outcomes compared to first-generation
immunotherapy approaches, in particular in rationale combinations with immune checkpoint inhibitors
and immunomodulatory anti-cancer drugs. Additionally, ImCheck’s pipeline compounds are progressing
toward clinical development for autoimmune and infectious diseases.

The company benefits from the pioneering research of Prof. Daniel Olive (Institut Paoli Calmettes,
INSERM, CNRS, Aix-Marseille University), a global leader in γ9δ2 T cells and butyrophilins, as well as the
expertise of a seasoned management team and the commitment of leading French, European and U.S.
investors including Kurma Partners, Eurazeo, Bpifrance through its Innobio 2 and Large Venture funds,
Andera Partners, Pfizer Ventures, Gimv, EQT Life Sciences, Earlybird, Wellington Partners, Pureos
Bioventures, Invus, Agent Capital, Boehringer Ingelheim Venture Fund, Alexandria Venture Investments,
and Blood Cancer United (previously LLS)®.

For further information: https://www.imchecktherapeutics.com/

Ipsen Contacts

Investors
Henry Wheeler henry.wheeler@ipsen.com +33 7766471149
Khalid Deojee khalid.deojee@ipsen.com +33 666019526

Media
Sally Bain sally.bain@ipsen.com +1 8573200517
Anne Liontas anne.liontas.ext@ipsen.com +33 0767347296

ImCheck Contacts

Media
Gretchen Schweitzer (EU and US) ImCheck@trophic.eu +49 1728618540
Céline Voisin (France) Imcheck@atcg-partners.com +33 (0)6 62 12 53 39
References
1. Dumas et al. γ9δ2 T-cell activation with ICT01 combined with azacitidine-venetoclax for older/un t adults with newly
diagnosed AML: preliminary ef cacy and dose selection in Phase 1/2 study EVICTION. ASCO 2025. Available here:
https://www.ImChecktherapeutics.com/fileadmin/Posters_Prez/ASCO2025-ICT01-AzaVen.pdf
2. Kone AS, Ait Ssi S, Sahraoui S, Badou A. BTN3A: A Promising Immune Checkpoint for Cancer Prognosis and
Treatment. Int J Mol Sci. 2022;23(21):13424. Published 2022 Nov 3. doi:10.3390/ijms232113424
3. Short NJ, Rytting ME, Cortes JE. Acute myeloid leukaemia. Lancet. 2018;392(10147):593-606. doi:10.1016/S0140-
6736(18)31041-9

Disclaimers and/or forward-looking statements
The forward-looking statements, objectives and targets contained herein are based on Ipsen’s management strategy,
current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause
actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect
Ipsen’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based
on the information available today. Use of the words ‘believes’, ‘anticipates’ and ‘expects’ and similar expressions are
intended to identify forward-looking statements, including Ipsen’s expectations regarding future events, including
regulatory filings and determinations. Moreover, the targets described in this document were prepared without taking into
account external-growth assumptions and potential future acquisitions, which may alter these parameters. These
objectives are based on data and assumptions regarded as reasonable by Ipsen. These targets depend on conditions or
facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these
targets given the occurrence of certain risks and uncertainties, notably the fact that a promising medicine in early
development phase or clinical trial may end up never being launched on the market or reaching its commercial targets,
notably for regulatory or competition reasons. Ipsen must face or might face competition from generic medicine that might
translate into a loss of market share. Furthermore, the research and development process involves several stages each of
which involves the substantial risk that Ipsen may fail to achieve its objectives and be forced to abandon its efforts with
regards to a medicine in which it has invested significant sums. Therefore, Ipsen cannot be certain that favorable results
obtained during preclinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will
be sufficient to demonstrate the safe and effective nature of the medicine concerned. There can be no guarantees a
medicine will receive the necessary regulatory approvals or that the medicine will prove to be commercially successful. If
underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from
those set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to, general
industry conditions and competition; general economic factors, including interest rate and currency exchange rate
fluctuations; the impact of pharmaceutical industry regulation and healthcare legislation and risks arising from unexpected
regulatory or political changes such as changes in tax regulation and regulations on trade and tariffs, such as protectionist
measures, especially in the United States; global trends toward healthcare cost containment; technological advances, new
medicine and patents attained by competitors; challenges inherent in new-medicine development, including obtaining
regulatory approval; Ipsen’s ability to accurately predict future market conditions; manufacturing difficulties or delays;
financial instability of international economies and sovereign risk; dependence on the effectiveness of Ipsen’s patents and
other protections for innovative medicines; and the exposure to litigation, including patent litigation, and/or regulatory
actions. Ipsen also depends on third parties to develop and market some of its medicines which could potentially generate
substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s activities and
financial results. Ipsen cannot be certain that its partners will fulfil their obligations. It might be unable to obtain any benefit
from those agreements. A default by any of Ipsen’s partners could generate lower revenues than expected. Such situations
could have a negative impact on Ipsen’s business, financial position or performance. Ipsen expressly disclaims any
obligation or undertaking to update or revise any forward looking statements, targets or estimates contained in this press
release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are
based, unless so required by applicable law. Ipsen’s business is subject to the risk factors outlined in its registration
documents filed with the French Autorité des Marchés Financiers. The risks and uncertainties set out are not exhaustive
and the reader is advised to refer to Ipsen’s latest Universal Registration Document, available on ipsen.com.