SCHEDULE: Tang Capital Discloses 5.2% Stake in Immunocore

Tang Capital Management and Kevin Tang reported a combined beneficial ownership of 5.2% in Immunocore Holdings plc, totaling 2,605,608 American Depositary Shares.

Summary

• Tang Capital Management, LLC (TCM) and Kevin Tang collectively beneficially own 2,605,608 American Depositary Shares (ADSs) of Immunocore Holdings plc, representing 5.2% of the class.
• Each ADS represents one ordinary share, nominal value GBP 0.002 per share.
• The percentage of class is based on 50,387,068 ordinary shares outstanding as of July 31, 2025, as reported in Immunocore's Form 10-Q filed on August 7, 2025.
• TCM and Kevin Tang share voting and dispositive power over these 2,605,608 ADSs with Tang Capital Partners, LP (TCP) and Tang Capital Partners International, LP (TCPI).
• TCP beneficially owns 1,587,903 ADSs, representing 3.2% of the class, sharing voting and dispositive power with TCM and Kevin Tang.
• TCPI beneficially owns 1,017,705 ADSs, representing 2.0% of the class, sharing voting and dispositive power with TCM and Kevin Tang.
• Tang Capital Partners III, Inc. and Tang Capital Partners IV, Inc. reported 0 beneficial ownership.
• The securities were not acquired and are not held for the purpose of changing or influencing control of Immunocore Holdings plc.

Sentiment

Score: 7

Explanation: The filing indicates a significant beneficial ownership stake by Tang Capital Management and related entities, which can be interpreted as a positive signal of investor confidence in Immunocore Holdings plc.

Positives

• A significant beneficial ownership stake of 5.2% by an institutional investor group, Tang Capital Management and its affiliates, signals investor confidence in Immunocore Holdings plc.

Risks

• The potential for a large shareholder to influence control of the issuer is explicitly denied by the reporting persons, stating the shares were not acquired for this purpose.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Immunocore Holdings plc.

Management Comments

• Kevin Tang, as Manager of Tang Capital Management, LLC, certified that 'to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.'

Industry Context

The disclosure of a significant stake by an investment firm like Tang Capital in a biotechnology company such as Immunocore Holdings plc is a common occurrence, reflecting institutional interest in companies with potential in the life sciences sector. It indicates a belief in the long-term value or strategic position of the company within the competitive biotech landscape.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may positively influence market perception and potentially increase trading liquidity.
• Company Management: Awareness of a significant institutional shareholder may lead to increased engagement and scrutiny regarding strategic decisions and performance.

Key Dates

Recommendation

The disclosure of a significant beneficial ownership stake by Tang Capital Management and its affiliates in Immunocore Holdings plc indicates institutional interest. While this filing does not provide operational or financial performance data, the establishment of a 5.2% position by a notable investment firm suggests a potential vote of confidence, warranting a 'hold' for existing investors and further due diligence for prospective investors.

Keywords

Immunocore Holdings, Tang Capital Management, Beneficial Ownership, Schedule 13G, Institutional Investor, American Depositary Shares, ADS, Biotechnology, Pharmaceuticals