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Welcome to First 90 Days, a series dedicated to examining how pharma executives and other leaders are planning for success in their new roles. Today, we’re speaking to Travis Coy, CFO and head of corporate development at Immunocore, which is building on a successful launch of a melanoma drug to become something more.
Immunocore’s new CFO carries a torch for dealmaking. Formerly the head of transactions and M&A for Eli Lilly’s corporate business development, Travis Coy is bringing some of that Big Pharma energy to the mid-sized drugmaker.
Known for its uveal melanoma drug Kimmtrak, which was approved in 2022, Immunocore has a deep pipeline of immunotherapies targeting cancer, autoimmune conditions and infectious diseases. And Coy, who joined the company as both CFO and head of corporate development in January, is scanning the horizon for potential additions to that lineup through partnerships and, potentially, M&A.
Even though Immunocore’s operating budget is a fraction of Lilly’s, the company was sitting on a cash stockpile of just over $900 million as of September, and Coy will oversee the allocation of those funds as the business grows. A trained scientist who has been a member of Immunocore’s board since 2019, he sees business development as a “team sport” between many different aspects of the company.
With upcoming readouts in HIV, HBV and ovarian cancer, as well as a nascent Type 1 diabetes program that could enter the clinic next year, Immunocore is building internally, but M&A is a way the biopharma can become even more entrenched in its core therapeutic areas, Coy said.
"I’ve been in other positions where you’re under pressure to fill a gap, and that’s a tough position to be in. At Immunocore, we can be picky and make sure what we pursue is a fit."
Travis Coy
CFO, head of corporate development, Immunocore
Here, Coy explains his approach to dealmaking, what lessons he brought from Big Pharma, and how he keeps his finger on the pulse of the industry and his eye on ways to grow.
This interview has been edited for brevity and style.
PHARMAVOICE: What is a signal for a company like Immunocore that it’s ready to come to the table for M&A?
TRAVIS COY: Looking at opportunities to enhance the value of the portfolio requires a business development strategy and the funding to go execute. And that’s critical, because it not only tells you what you want to pursue, but it also tells you what you’re not going to pursue. With where we are as a company with a strong balance sheet, we’re in a great position to choose to look at transactions, but we don’t have to take one. I’ve been in other positions where you’re under pressure to fill a gap, and that’s a tough position to be in. At Immunocore, we can be picky and make sure what we pursue is a fit.