<SEC-DOCUMENT>0001140361-21-002788.txt : 20210305
<SEC-HEADER>0001140361-21-002788.hdr.sgml : 20210305
<ACCEPTANCE-DATETIME>20210201062358
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-21-002788
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Immunocore Ltd
		CENTRAL INDEX KEY:			0001671927
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		90 PARK DRIVE
		STREET 2:		MILTON PARK, ABINGDON
		CITY:			OXFORDSHIRE
		STATE:			X0
		ZIP:			OX14 4RY
		BUSINESS PHONE:		01235 5430281

	MAIL ADDRESS:	
		STREET 1:		90 PARK DRIVE
		STREET 2:		MILTON PARK, ABINGDON
		CITY:			OXFORDSHIRE
		STATE:			X0
		ZIP:			OX14 4RY

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Immunocore Ltd
		DATE OF NAME CHANGE:	20160412
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div> <img src="nt10016217x8_image01.jpg"></div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2c94379fffb541e5a8f6c4b0705ef863" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 45.64%; vertical-align: top;">
            <div style="text-align: justify;">Divakar Gupta</div>
            <div style="text-align: justify;">+1 212 479 6474</div>
            <div style="text-align: justify;">dgupta@cooley.com</div>
          </td>
          <td style="width: 54.36%; vertical-align: top;">
            <div style="text-align: right;">VIA EDGAR</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">February 1, 2021</div>
    <div><br>
    </div>
    <div style="text-align: justify;">U.S. Securities and Exchange Commission</div>
    <div style="text-align: justify;">Division of Corporation Finance</div>
    <div style="text-align: justify;">100 F Street, N.E.</div>
    <div style="text-align: justify;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div>
      <table class="DSPFListTable" id="zeec791fe3d134fdda48c84582cfb9754" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;">Attn:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;">Ms. Jenn Do</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Ms. Mary Mast</div>
    <div style="text-align: justify; text-indent: 36pt;">Mr. Alan Campbell</div>
    <div style="text-align: justify; text-indent: 36pt;">Mr. Jeffrey Gabor</div>
    <div><br>
    </div>
    <div>
      <table class="DSPFListTable" id="zbf957f206d844651b081508abcba6243" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;">Re:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Immunocore Holdings Limited</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Registration Statement on Form F-1</div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Filed January 15, 2021</div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">File No. 333-252166</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On behalf of our client, Immunocore Holdings Limited to be renamed as Immunocore Holdings plc after its re-registration as a public limited company (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;),


      we are responding to the comments of the staff (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;)
      contained in its letter dated January 29, 2021 (the &#8220;<font style="font-weight: bold; font-style: italic;">Comment Letter</font>&#8221;), relating to the above referenced Registration Statement on Form F-1 filed with the Commission on January 15, 2021 (File
      No. 333-252166) (the &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;). The Company is concurrently filing an Amendment No. 1 to the Registration Statement&#160; (the &#8220;<font style="font-weight: bold; font-style: italic;">Amended</font>&#160;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;) via EDGAR, which reflects changes made in response to the comments set forth in the Comment Letter (the &#8220;<font style="font-weight: bold; font-style: italic;">Comments</font>&#8221;) and certain other changes. We are also sending a copy of this letter and the Amended Registration Statement in typeset format, including a version that is marked to show changes to the Registration Statement,
      to the Staff.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Set forth below are the Company&#8217;s responses to the Comments. The numbering of the paragraphs below corresponds to the numbering of the Comments, which for your convenience we have incorporated into this response
      letter. Page references in the text of this response letter correspond to the page numbers of the Amended Registration Statement.<font style="font-size: 12pt;">&#160;</font>Capitalized terms used in this letter but otherwise not defined herein shall have
      the meanings ascribed to such terms in the Amended Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Registration Statement on Form F-1 filed January 15, 2021</u></div>
    <div style="text-align: justify;"><u> <br>
      </u></div>
    <div style="text-align: justify;"><u>PROSPECTUS SUMMARY</u></div>
    <div style="text-align: justify;"><u>Our Pipeline, page 2</u></div>
    <div style="text-align: justify;"><u> <br>
      </u></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88ac66c0b11f4a6a8e384c2f11d196d4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">We note your response to prior comment 1 and the updated pipeline table. The arrows for IMC-C103C, IMC-F106C, GSK01 and IMC-I109V are drawn to the end of the Phase 1 column. However, your disclosure in the
                Business section indicates that the Phase 1 portions of the clinical trials for each of these product candidates are still ongoing. Please shorten the arrows in the pipeline chart to match the current status of each trial as described in
                Business or advise.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 1</u></font>:</div>
    <div><br>
    </div>
    <div style="margin: 0px 0px 0px 36pt; text-align: justify;"> In response to the Staff&#8217;s comment, the Company has revised the product pipeline table on pages 2 and 128 of the Amended Registration Statement.<br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <u> </u></div>
  <div>
    <div><img src="nt10016217x8_image01.jpg"></div>
    <div>
      <div>February 1, 2021</div>
      <div>Page 2</div>
    </div>
    <br>
    <div style="text-align: justify;"><u>Business</u></div>
    <div style="text-align: justify;"><u>Phase 3 Clinical Trial, page 146</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb69c90c53d8a4a3bb4554622bed6bbb7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Please revise your description of your Phase 3 clinical trial of tebentafusp to provide safety and tolerability data including a description of any adverse events and/or serious adverse events that were
                linked to treatment.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 2</u></font>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">In response to the Staff&#8217;s comment, the Company has revised the disclosure on page 150 of the Amended Registration Statement. The first pre-planned interim analysis for the Phase 3
      clinical trial was focused on the primary endpoint of whether the trial met the threshold for efficacy of overall survival, which, according to the trial protocol, would trigger unblinding of the trial and analysis of all other data. Therefore, the
      data cleaning and validation ahead of this initial analysis was focused on overall survival and not adverse events and serious events linked to treatment. Validation of the rest of the trial data, including adverse events linked to treatment, has not
      yet been completed, and as such, the data are not yet available to the Company.</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z042e98efd2384c36a8f749178abf008a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">We note your comparison of the observed hazard ratio in your Phase 3 trial of tebentafusp to the hazard ratios observed in several other Phase 3 trials of treatments for uveal and cutaneous melanoma. Given
                that these were not head-to-head trials and that the treatments in the control arms of the other trials in the table varied from the control treatment in your trial, please tell us why you believe it is appropriate to include these
                comparisons. Include in your response whether you expect to be able to rely on this data to support an application for marketing approval from the FDA or comparable regulatory body for commercialization of tebentafusp.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 3</u></font>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">In response to the Staff&#8217;s comment, the Company has revised the disclosure on page 150 of the Amended Registration Statement.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Additional ImmTAC Clinical Programs, page 148</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84fb7a7f2d0347ca887b93621fd25ac5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">We note your response to prior comment 16 and updated disclosure. Please revise to disclose the specific endpoints for the ongoing clinical trials described in this section.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 4</u></font>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">In response to the Staff&#8217;s comment, the Company has revised the disclosure on pages 152, 153, and 154 of the Amended Registration Statement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify;"><img src="nt10016217x8_image01.jpg">
      <div>
        <div style="text-align: left;">February 1, 2021</div>
        <div style="text-align: left;">Page 3<br>
        </div>
      </div>
    </div>
    <div style="text-align: justify;"><u> <br>
      </u></div>
    <div style="text-align: justify;"><u>Financial Statements, page F-1</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7411496555d4cbba574102befbf965d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Your audited financial statements are currently older than 12 months and this is an initial public offering of your shares. Accordingly, please update your financial statements pursuant to Item 8.A.4 of Form
                20-F or provide the appropriate representations in an exhibit. Refer to Instruction 2 to Item 8.A.4.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 5</u></font>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">The Company acknowledges the Staff&#8217;s comment and respectfully requests that the Commission waive the requirement of Item 8.A.4 of Form 20-F. The Company hereby submits a waiver
      request as Exhibit 99.1 pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-month requirement &#8220;in cases where the company is able to represent adequately&#8230; that it is not required to comply with
      this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship.&#8221; See also the 2004 release entitled International Reporting and Disclosure Issues in the
      Division of Corporation Finance (available on the Commission&#8217;s website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm) by the staff of the Division of Corporation Finance of the Commission (the &#8220;Staff&#8221;) at Section III.B.c.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Exhibits</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8943aaf663294d78ab948bec54bbb316" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The date of you auditor consent is January 15, 2020. Please have your auditor provide an appropriately dated consent.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response to Comment 6</u></font>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">The Company acknowledges the Staff&#8217;s comment and confirms that its auditors have provided an appropriately dated consent with the Amended Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">*&#160;&#160; *&#160;&#160; *&#160;&#160; *</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <div><img src="nt10016217x8_image01.jpg"></div>
      <div>
        <div>February 1, 2021</div>
        <div>Page 4<br>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Please direct any questions or further comments concerning the Amended Registration Statement or this response letter to either the undersigned at +1 212 479 6474 or Courtney Thorne of Cooley LLP at +1 617 937 2318.</div>
    <div style="text-align: justify; text-indent: 252pt;"> <br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8fbd667b75594adf999253e626b1eb0b" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">/s/ Divakar Gupta</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Divakar Gupta</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div>
      <table class="DSPFListTable" id="zc74c9208ad2c43b49285e979189bd1e9" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" cellpadding="0" cellspacing="0">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;">cc:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;">Bahija Jallal, Ph.D., <font style="font-style: italic;">Immunocore Holding Limited</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Brian Di Donato, <font style="font-style: italic;">Immunocore Holding Limited</font></div>
    <div style="text-align: justify; text-indent: 36pt;">Eric W. Blanchard, <font style="font-style: italic;">Cooley LLP</font></div>
    <div style="text-align: justify; text-indent: 36pt;">Courtney T. Thorne, <font style="font-style: italic;">Cooley LLP</font></div>
    <div style="text-align: justify; text-indent: 36pt;">Richard D. Truesdell, Jr., <font style="font-style: italic;">Davis Polk &amp; Wardwell LLP</font></div>
    <div style="text-align: justify; text-indent: 36pt;">Yasin Keshvargar, <font style="font-style: italic;">Davis Polk &amp; Wardwell LLP</font></div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>nt10016217x8_image01.jpg
<TEXT>
begin 644 nt10016217x8_image01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  L (@# 2(  A$! Q$!_\0
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M%IWB;31>Z5-YD>=KHPP\;>C#L?TJ858S=DSHQF4XK!14ZL?=[K5?@>->*/\
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8O9'LPKQPV6N$/BJO5^2Z%RBBBMSPS__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
