 and Immunocore have entered into a co-discovery and co-development collaboration to research and potentially develop new T-cell-based cancer therapies.

Using Immunocore's immune mobilizing monoclonal T-Cell receptor against cancer (ImmTAC) technology, the companies will seek to use the power of the body's own immune system to attack cancer cells. ImmTACs have shown potential to direct a patient's T-cells to specifically target the cancerous cells, avoiding damage to healthy cells.

Under the terms of the agreement, Immunocore will receive an upfront fee of $15 million per program for the discovery of new ImmTACs against jointly-selected cancer targets in order to generate preclinical candidate packages. If Lilly accepts a preclinical candidate package to develop and potentially commercialize, Immunocore will receive an opt-in fee of $10 million and will have an option to continue co-development with Lilly on a cost-sharing and profit-sharing basis. If Immunocore does not exercise its option, it will be entitled to potential future significant milestone and royalty payments.

Lilly and Immunocore enter immunotherapy agreement to co-discover and co-develop new cancer therapies.