AC Immune (ACIU) Jefferies 2024 Global Healthcare Conference summary

Pipeline and strategic focus

• Portfolio includes 16 programs in CNS, with 7 clinical-stage assets and a focus on active immunotherapy and precision medicine.

• Recent $100M upfront deal with Takeda for ACI-24.060, with potential total payments up to $2.1B and royalties on net sales.

• Pipeline targets key CNS proteins: Abeta, Tau, alpha-synuclein, and TDP-43, with both partnered and wholly owned assets.

• Active immunotherapies offer long-lasting antibody responses, annual/biannual dosing, and favorable safety profiles without ARIA-E.

• Financial position is strong, with cash runway into 2027 to support value inflection points and internal development.

Key clinical programs and milestones

• ACI-24.060 (Abeta vaccine) partnered with Takeda, targets toxic Abeta species, and has Fast Track designation; first Abeta PET data expected soon, with 6- and 12-month data later this year.

• ACI-35 (anti-Tau vaccine) partnered with Johnson & Johnson, in phase IIb for preclinical Alzheimer’s, using biomarker-based selection and aiming for accelerated approval.

• Alpha-synuclein active immunotherapy for Parkinson’s in phase II, with first data expected in H2; potential for pivotal study if positive.

• Preclinical assets include TDP-43 antibody (moving to IND-enabling studies) and NLRP3-targeted molecules for CNS and possibly obesity.

• Multiple clinical and preclinical readouts expected in 2024, including immunogenicity and safety data for alpha-synuclein and progress on TDP-43 and NLRP3 programs.

Partnership strategy and rationale

• Takeda deal driven by competitive landscape and need for optimal development resources and timing.

• Collaboration ensures alignment, with Takeda taking over clinical, regulatory, and commercial activities post-option exercise.

• Johnson & Johnson partnership leverages advanced imaging and biomarker expertise for Tau program.

• Decision to partner or retain assets is based on strategic value, development stage, and internal capabilities.