<SEC-DOCUMENT>0001193125-16-616794.txt : 20161021
<SEC-HEADER>0001193125-16-616794.hdr.sgml : 20161021
<ACCEPTANCE-DATETIME>20160608170833
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-616794
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AC Immune SA
		CENTRAL INDEX KEY:			0001651625
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		EPFL INNOVATION PARK, BUILDING B
		CITY:			1015 LAUSANNE
		STATE:			V8
		ZIP:			00000
		BUSINESS PHONE:		41 21 345 91 21

	MAIL ADDRESS:	
		STREET 1:		EPFL INNOVATION PARK, BUILDING B
		CITY:			1015 LAUSANNE
		STATE:			V8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom"><B>New York<BR>Menlo Park<BR>Washington&nbsp;DC<BR>S&atilde;o Paulo<BR>London</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Richard&nbsp;D.&nbsp;Truesdell,&nbsp;Jr.</B></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Davis&nbsp;Polk&nbsp;&amp;&nbsp;Wardwell&nbsp;LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">450 Lexington Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, NY 10017</P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212 450 4674 tel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212 701 5762 fax</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">richard.truesdell@davispolk.com</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by AC Immune SA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">June&nbsp;8, 2016</TD></TR>
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<TD VALIGN="top"><B>Re:</B></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AC Immune SA</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration
Statement on Form F-1</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File No. 333-211714</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Suzanne Hayes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 4720 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549-3628 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Hayes, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of our client, AC Immune SA, a Swiss stock corporation (the &#147;<B>Company</B>&#148;), we are providing the information that follows to the Staff
(the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission in response to comment number 10 contained in the Staff&#146;s letter dated September&nbsp;24, 2015 (the &#147;<B>Comment Letter</B>&#148;) relating to the Company&#146;s
Registration Statement on Form F-1 (file number 333-211714, the &#147;<B>Registration Statement</B>&#148;) in connection with the initial public offering of the Company&#146;s common shares (the &#147;<B>Offering</B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Estimated Offering Price </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby provide the
following proposed preliminary price range information relating to the Offering for the Staff&#146;s review. The initial offering price to the public of the Company&#146;s common shares (the &#147;<B>Common Shares</B>&#148;) is expected to be
between $[<I>***Redacted***</I>] and $[<I>***Redacted***</I>] per share. The actual price range to be included in the Company&#146;s preliminary prospectus (which will comply with the Staff&#146;s interpretation regarding the parameters of a bona
fide price range) has not yet been finally determined and remains subject to adjustment based on factors outside of the Company&#146;s control. However, the Company believes that the foregoing indicative price range will not be subject to
significant change and that the bona fide price range stated in the preliminary prospectus will be within the range provided above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Historical Fair
Value Determination Methodology </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s discussion of share-based compensation is primarily contained in the section of the
Registration Statement entitled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150; Share-Based Compensation&#148; (the &#147;<B>Section</B>&#148;) which has previously been filed </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
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<TD VALIGN="top" ALIGN="right">June 8, 2016</TD></TR>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by AC Immune SA</B></P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and is included on pages 83 through 85 of the Registration Statement. The Company&#146;s Board of Directors has historically determined the fair value of its common stock using methodologies,
approaches and assumptions consistent with the American Institute of Certified Public Accountants (the &#147;<B>AICPA</B>&#148;), Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed below, the Company&#146;s Board of Directors has historically considered various objective and subjective factors such as the pricing of
recent financing transactions, the rights and preferences of the Company&#146;s preferred shares relative to the common shares at the time of each grant, the ongoing expenses associated with research and development, ongoing clinical trials and the
lack of marketability of the Company&#146;s common shares, to determine the fair value of the Company&#146;s common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, AC Immune has
granted options throughout the course of the year with the primary determinant being the hiring date / hiring anniversaries and promotion date / promotion anniversaries of the recipients of such options. Consequently, AC Immune evaluates the fair
value of its common shares on a quarterly basis to assess whether there have been material changes in the Company and its prospects which would warrant an amendment of the fair value of the Company&#146;s common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Table 1 contains the number of options granted in each quarter in 2015, in Q1 2016 and to June&nbsp;2, 2016 along with the exercise price of the options. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Table 1 &#150; Option Grants in 2015 and 2016 Year to Date(1)</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:59.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>[***Redacted***]</I></B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>]<I></I></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><I></I>[<I>***Redacted***</I>]<I></I></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>]<I></I></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>]<I></I></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>]<I></I></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><I></I>[<I>***Redacted***</I>]<I></I></TD>
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<TD VALIGN="bottom" ALIGN="center"><I></I>[<I>***Redacted***</I>]<I></I></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>]<I></I></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><I></I>[<I>***Redacted***</I>]<I></I></TD>
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</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***] </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***] </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***] </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The midpoint of the price range
provided above is $[<I>***Redacted***</I>] or CHF [<I>***Redacted***</I>] per share (based on the 30 day daily average USD to CHF exchange rate of 0.9771 as of May&nbsp;31, 2016 as reported by Bloomberg). In comparison, Table 2 below shows the
Company&#146;s calculation of the fair value of the Company&#146;s equity securities and the fair value for purposes of share-based compensation since January&nbsp;1, 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Table 2 &#150; Evolution of Company Value for Purposes of Share-Based Compensation</B> </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***]</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***]</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><I>[***Redacted***]</I></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>[***Redacted***</I>]<I> </I></P>

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<TD VALIGN="top">Division of Corporation Finance</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
 3
</TD>
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<TD VALIGN="top" ALIGN="right">June 8, 2016</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by AC Immune SA</B></P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>] <I> </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>] <I> </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I>[<I>***Redacted***</I>] <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The primary reasons for
the differing fair values per share over the time periods set forth above are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Genentech determined to move crenezumab, the Company&#146;s lead product candidate, into phase 3 clinical trials. As a result, the Company increased the aggregate fair value of the Company from CHF
[<I>***Redacted***</I>] to CHF [<I>***Redacted***</I>] (the transition from phase 2 to phase 3 clinical trials results in a reduction in the probability weighted risk adjustment factor, which, in turn, increases the implied risk adjusted value of
the crenezumab program). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In October 2015, the Company successfully completed a private placement of its Series E preferred shares (the &#147;<B>Series E Private Placement</B>&#148;). The Series E preferred shares issued in the Series E Private
Placement have participation preferences similar to the Company&#146;s other outstanding preferred shares. An aggregate of 3,113,250 Series E preferred shares were issued to certain institutions that were not currently shareholders and certain
existing shareholders for an aggregate subscription amount of approximately $30.0 million. The purchase price was $9.63628 per share which corresponds to approximately CHF 9.4754&nbsp;per share (based on the USD to CHF exchange rate of 0.98331 in
effect at the time of the closing of the Series E Private Placement). The Series E Private Placement was completed following the announcement by Genentech that (i)&nbsp;it was planning a phase 3 clinical trial for crenezumab and (ii)&nbsp;it had
selected a lead for the anti-Tau antibody program and was planning to commence phase 1 trials in late 2016. Genentech&#146;s announced move of crenezumab from phase 2 to phase 3, coupled with further progress in many of the Company&#146;s clinical
and pre-clinical programs in 2015, resulted in the Series E Private Placement being conducted based on a $[<I>***Redacted***</I>] pre-money valuation, which implies a CHF [<I>***Redacted***</I>] valuation (based on the USD to CHF exchange rate of
0.98331 in effect at the time of the closing of the Series E Private Placement). The Company used CHF [<I>***Redacted***</I>] as the basis for the fair value of the Company for all options granted in the fourth quarter of 2015 (prior to the
adjustments described in Table 2 above for (i)&nbsp;the liquidation preference of the preferred shares, (ii)&nbsp;the relative ranking of the preferred shares and the common shares, including with respect to governance and dividend rights, and
(iii)&nbsp;a liquidity discount to take into consideration that the securities are highly illiquid with no ability to force a liquidity event). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s board of directors maintained the CHF[<I>***Redacted***</I>] valuation in Q1 2016 since there were active discussions regarding an extension of the Series E Private Placement (the &#147;<B>Series E
Private Placement Extension</B>&#148;). In April 2016, an aggregate of 1,401,792 additional Series E preferred shares were issued to certain strategic investors, individuals and existing shareholders for an aggregate subscription amount of
approximately $13.5 million. The purchase price was $9.6368 per share, which is approximately CHF 9.4206&nbsp;per share (based on the USD to CHF exchange rate of 0.9774 in effect at the time of closing of the Series E Private Placement Extension).
The Series E Private Placement Extension implied a post-money valuation of the Company of $[<I>***Redacted***</I>] or approximately CHF [<I>***Redacted***</I>] (based on the same exchange USD to CHF exchange rate ), which the Company used as the
basis for the fair value of the Company for all options granted starting in Q2 2016 (prior to the adjustments described in clauses (i)-(iii)&nbsp;of the immediately preceding bullet). </TD></TR></TABLE>

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<TD VALIGN="top">Division of Corporation Finance</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
 4
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 8, 2016</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by AC Immune SA</B></P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Fair Value Analysis </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To compute its expense for equity-settled share-based payment transactions, the Company estimates the fair value of its option awards using the Black-Scholes
option pricing model, which requires the input of subjective assumptions, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the expected volatility of its shares, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk-free interest rate, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the expected term of the award, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">expected dividends, and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fair value of its common shares on the date of grant. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An overview of the Black-Scholes model and the key
inputs is contained in the Section of the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Estimated Price Range </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note that, as is typical in initial public offerings, the estimated price range for the Offering was not derived using a formal determination of fair value,
but was determined by negotiation between the Company and the underwriters. Among the factors that were considered in setting this range were the Company&#146;s prospects and the history of and prospects for the biotechnology industry, the general
condition of the securities markets and the recent market prices of, and the demand for, publicly traded shares of generally comparable companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
last fair value determination for the Company&#146;s common shares was made by the Board of Directors of the Company on the basis of the terms of the Series E Private Placement Extension in April 2016. The Company believes that the difference
between the fair value of its shares as of the completion of the Series E Private Placement Extension and the midpoint of the estimated price range provided above is primarily a result of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">announcement of a new collaboration with Biogen covering the Company&#146;s alpha-synuclein and TDP-43 PET imaging (diagnostics) programs which is expected to result in an increase in research and development
expenditures allocated to these two programs (mostly funded from contributions provided by Biogen) and could potentially accelerate the development timetable for these product candidates. Due to the nature of these compounds, the regulatory review
process is expected to be shorter than for the Company&#146;s therapeutic product candidates, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">regulatory progression of the Company&#146;s product candidates, including in particular its anti-tau antibody program, for which a lead development candidate has been selected and where the Company&#146;s collaboration
partner has indicated that it intends to move this program into Phase 1 clinical development by the end of fiscal 2016, which would trigger a [<I>***Redacted***</I>] milestone payment due to the Company, and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">creation of liquidity through the initial public offering &#151; that is, the estimated offering price range assumes that an initial public offering has occurred, a public market for the Company&#146;s common shares has
been created and the Company&#146;s preferred shares have converted into common shares in connection with the offering. The price range for the Offering therefore excludes any marketability or illiquidity discount for the Company&#146;s common
shares. </TD></TR></TABLE>

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<TD VALIGN="top">Division of Corporation Finance</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
 5
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 8, 2016</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>FOIA Confidential Treatment Request</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 83 by AC Immune SA</B></P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company observes that had it assumed a share price of $[<I>***Redacted***</I>] or CHF
[<I>***Redacted***</I>] using the above exchange rate of 0.9774 (the CHF equivalent of the midpoint of the price range provided above) for the grants since January 2015, the resulting increase in its first quarter 2016 operating expense would have
been an immaterial amount (CHF [<I>***Redacted***</I>]) which amounts to [<I>***Redacted***</I>]% of total operating expenses during the period), and the resulting increase in its full year 2015 operating expenses would have been similarly
immaterial (CHF [<I>***Redacted***</I>] which amounts to [<I>***Redacted***</I>]% of 2015 operating expenses) under the same assumptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not
hesitate to contact me at (212)&nbsp;450-4674, (212)&nbsp;701-5674 (fax) or richard.truesdell@davispolk.com if you have any questions regarding the foregoing or if I can provide any additional information. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Richard D. Truesdell, Jr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Richard D. Truesdell, Jr.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"><U>Via E-mail</U> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Andrea Pfeifer, Chief Executive Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">George Pavey, Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AC Immune SA </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
