Immutep Ltd ADR (NASDAQ:IMMP) has entered into a clinical trial collaboration and supply agreement with Merck/Pfizer to investigate the combination of its APC activator eftilagimod alpha (efti) with avelumab in patients with advanced solid tumours. Avelumab is the big pharma pair’s investigational anti-PD-L1 immune checkpoint inhibitor (ICI). We view the additional validation from big pharma is as a very positive development for Immutep, which could bring the added bonus of early identification of additional target indications. We maintain our valuation at A$510m or A$0.17/share.
Additional validation from big pharma
Immutep already has an ongoing clinical trial collaboration with the US-based Merck and Company (known as MSD outside the US), which is totally separate from Merck KGaA, including the TACTI-mel and TACTI-002 studies. It now has the additional validation of having a second big pharma team review the efti data and conclude that there is a potentially meaningful benefit from efti/ICI combination therapy. The encouraging results from the first three TACTI-mel cohorts included a 33% response rate from the start of efti/Keytruda combination therapy and 61% response rate from the start of the Keytruda monotherapy screening period.
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