EQT Life Sciences, a part of Swedish private equity company EQT AB (STO: EQT), announced on Wednesday that French biopharmaceutical company Ipsen (Euronext Paris: IPN, ADR: IPSEY) has agreed to acquire French biotechnology firm ImCheck Therapeutics, an EQT portfolio company.

ImCheck shareholders will be eligible to receive EUR350m at closing plus downstream payments for total potential consideration of up to EUR1bn.

Based in Marseille, ImCheck Therapeutics develops next-generation immuno-oncology therapies targeting butyrophilins, a novel family of immune-regulating proteins. Its lead candidate, ICT01, is a first-in-class monoclonal antibody aimed at BTN3A and is currently being tested in patients with acute myeloid leukaemia who are ineligible for standard treatments.

Together with its 2024 exit of Amolyt Pharma to AstraZeneca, EQT Life Sciences has now completed two successful divestments under the France 2030 investment program, which supports high-potential French biotech ventures.

The transaction is expected to close by the end of the first quarter of 2026, subject to customary closing conditions including regulatory approvals in France and the United States.