Highlights
- Dr. Reddy’s receives exclusive rights to develop and commercialise Eftilagimod Alfa outside major markets.
- Immutep will receive upfront USD 20 million and potential milestone payments up to USD 349.5 million.
- Efti is in pivotal Phase III trials for first-line treatment of advanced non-small cell lung cancer.
Immutep Limited (ASX:IMM) and Dr. Reddy’s Laboratories Ltd. have entered a strategic collaboration through their subsidiaries, Immutep SAS and Dr. Reddy’s Laboratories SA. The agreement grants Dr. Reddy’s exclusive rights to develop and commercialise Eftilagimod Alfa (Efti) in all countries outside North America, Europe, Japan, and Greater China. Immutep retains full rights to Efti in North America, Europe, and Japan, while also holding global manufacturing rights and supplying the product to Dr. Reddy’s for the licensed territories.
Financial Terms
Under the licensing agreement, Immutep will receive an upfront payment of USD 20 million (~AUD 30.2 million / Simbel). The company is also eligible for regulatory and commercial milestone payments of up to USD 349.5 million (~AUD 528.4 million / Simbel), in addition to double-digit royalties on commercial sales in the licensed markets.
Eftilagimod Alfa Profile
Efti is a soluble LAG-3 protein and MHC Class II agonist that activates antigen-presenting cells such as dendritic cells and monocytes. This mechanism engages both the adaptive and innate immune systems, priming cytotoxic T cells and generating co-stimulatory signals and cytokines that support a broad anti-cancer immune response. The therapy is currently under evaluation for several solid tumours, including non-small cell lung cancer (NSCLC) in the Phase III TACTI-004 (KEYNOTE-F91) trial, as well as head & neck cancer, breast cancer, and soft tissue sarcoma. Efti has demonstrated a favourable safety profile and can be combined with anti-PD-[L]1 immunotherapy, chemotherapy, or radiotherapy. It has received Fast Track designation from the FDA for first-line NSCLC and head & neck squamous cell carcinoma (HNSCC).
Global Commercialisation
Dr. Reddy’s will manage development and commercialisation in the licensed territories, while Immutep will continue to supply the product. The collaboration allows Immutep to capture potential commercial value in the licensed markets while maintaining rights in key pharmaceutical regions and continuing its role in global manufacturing of Efti.
Share Price Snapshot
IMM was trading 25.49% higher at AUD 0.320 per share as of 09 December 2025.






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