UK biotech Immuncore will be celebrating the success of a private financing round that has added some $320 million (£205 million) to its books, breaking the European record.

The firm said it will use the proceeds to further accelerate its pipeline of ImmTACs (Immune mobilising mTCR Against Cancer), a new class of bispecific biologics with the potential to treat a broad range of solid tumours either as monotherapies or in combination with other therapies.

A key focus will be advancing its lead proprietary programme, IMCgp100, which produced positive Phase I/IIa trial data in April in patients with advanced metastatic cutaneous and ocular melanoma.

The “significantly oversubscribed” round includes new investors, including drug giant Eli Lilly and Woodford Investment Management, as well as a number of other new and existing investors in Immunocore.

Just weeks ago Immunocore and Lilly formed a clinical trials pact to test the potential of combining their immunotherapies to fight skin cancer.

The groups said they will carry out a Phase Ib study assessing the safety and preliminary efficacy of IMCgp100 alongside Lilly’s galunisertib in metastatic cutaneous melanoma.