AC Immune SA Dossier
Qualitative Analysis
Business overview
AC Immune SA (NASDAQ: ACIU) is a clinical-stage Swiss biopharmaceutical company pioneering precision medicine and precision prevention for neurodegenerative diseases, including Alzheimer's disease, Parkinson's disease, and NeuroOrphan indications driven by misfolded proteins. Headquartered in Lausanne, Switzerland, the company leverages its two proprietary, clinically validated technology platforms—SupraAntigen (a liposome-anchored peptide vaccine platform) and Morphomer (a chemical design platform for small molecules)—to discover, design, and develop novel active immunotherapies, monoclonal antibodies, and diagnostic PET tracers. AC Immune's business model is heavily anchored on strategic, non-dilutive partnerships with global pharmaceutical leaders, including Takeda, Eli Lilly, and Johnson & Johnson (Janssen), which validate its scientific approach and provide substantial milestone-based funding.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
In September 2025, AC Immune implemented a strategic pipeline focus to concentrate resources on high-potential clinical-stage programs (such as ACI-7104.056, ACI-24.060, and NLRP3/alpha-synuclein small molecules). This included removing preclinical antibodies against ASC and TDP-43, and reducing the workforce by approximately 30%.
Expected impact: Reduced R&D and operational expenses (cutting personnel and operational spend by approximately CHF 1.7 million in Q1 2026 compared to Q1 2025) and extended the cash runway into Q4 2027.
Focusing development on active immunotherapies (vaccines) designed to prevent or slow the progression of neurodegenerative diseases at the earliest stages, utilizing the proprietary SupraAntigen and Morphomer platforms.
Expected impact: Positions the company as a pioneer in disease modification and precision medicine, differentiating its pipeline from traditional monoclonal antibody therapies.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of Affiris' portfolio of therapeutics targeting alpha-synuclein (a-syn), notably the clinically-validated active vaccine candidate Affiris PD01 (now optimized as ACI-7104), to strengthen AC Immune's position in Parkinson's disease therapeutics.
Financial impact: All-stock transaction valued at USD 58.7 million (issuance of 7.1 million shares). Parallel private placement generated USD 25 million in gross proceeds.
Strategic Partnerships
High. Expands the existing 2018 collaboration to cover the development of new lead Tau Morphomer candidates and potential back-up compounds targeting intracellular Tau aggregation.
Terms: AC Immune received a CHF 10 million upfront payment in Q2 2026 and is eligible for a subsequent milestone payment subject to Phase 1 dosing, in addition to previously disclosed milestones of over CHF 1.7 billion plus low double-digit royalties.
High. Collaboration to develop and commercialize ACI-24.060, an active immunotherapy targeting amyloid-beta for the treatment of Alzheimer's disease.
Terms: Secured a USD 100 million upfront payment in 2024, with eligibility for up to USD 2.1 billion in potential development, regulatory, and commercial milestones, plus double-digit royalties.