Immutep’s Strategic Alliance with Dr. Reddy’s Sets Up Major Global Play for Oncology Drug Eftilagimod Alfa

Up to $349.5 Million in Milestone Payments Plus Double-Digit Royalties

Immutep (ASX: IMM, NASDAQ: IMMP), a leading immunotherapy developer, has entered a high-impact strategic collaboration with Dr. Reddy’s Laboratories for the commercialization of its oncology candidate, Eftilagimod Alfa (efti), in nearly all countries outside North America, Europe, Japan, and Greater China. The deal instantly provides Immutep with an upfront payment of $20 million, while offering a substantial upside through regulatory and commercial milestones that can reach as high as $349.5 million. Additionally, Immutep stands to earn double-digit royalties on future commercial sales in these emerging markets.

Retaining Rights in Key Markets Maximizes Immutep’s Long-Term Potential

Crucially, while Immutep hands Dr. Reddy’s exclusive rights to most international territories, it retains full commercial control of Eftilagimod Alfa in major pharmaceutical markets (North America, Europe, and Japan). The deal structure enables Immutep to benefit immediately through upfront and near-term milestones, while still keeping long-term value drivers intact as efti advances toward potential approval and launch in highly lucrative geographies.

Eftilagimod Alfa Poised for Major Trials and Expansive Oncology Opportunity

Efti is currently being studied in the pivotal Phase III TACTI-004 trial (KEYNOTE-F91) as a first-line therapy for advanced or metastatic non-small cell lung cancer (NSCLC). It is also being evaluated in head & neck cancer, breast cancer, and soft tissue sarcoma. Its ability to stimulate the immune system across multiple cancer types, in combination with standards like pembrolizumab and chemotherapy, underpins broad commercial potential. Fast Track designation in both first-line HNSCC and NSCLC further validates the drug’s unique mechanism and safety profile, supporting optimism about future regulatory milestones.

Immediate Cash Infusion and Pipeline Validation

Immutep’s collaboration is not just financially significant—it also marks external validation from a well-respected global partner. Dr. Reddy’s robust commercial presence in emerging markets (including India, Russia, CIS, and Brazil) increases the probability of efti reaching large patient populations beyond the traditionally served markets.

Key Deal Highlights at a Glance

What’s Next for Investors and the Oncology Market?

This collaboration sets a notable benchmark for late-stage oncology deals—especially given the size of the potential milestone payments and the structured approach to risk-sharing. For investors and industry watchers, Immutep’s strategy of targeting both emerging and major markets could pave the way for accelerated revenue generation while ensuring future participation in large pharmaceutical markets. It’s a move that bolsters Immutep’s balance sheet and reinforces confidence in its lead immunotherapy candidate as it nears pivotal data readouts.

Takeaway: Substantial Value Creation Possible If Milestones Are Achieved

Immutep’s deal with Dr. Reddy’s Laboratories isn’t just another licensing agreement—it’s a comprehensive value creation opportunity with a major pharmaceutical ally. If Eftilagimod Alfa hits its regulatory and commercial targets, the resulting cash flows could fundamentally shift Immutep’s position in the competitive oncology landscape. Stakeholders will be watching closely as pivotal trial updates approach and regulatory milestones draw nearer.

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