ImmunityBio (IBRX) is going global.
The biotech firm announced Tuesday it has signed a strategic Memorandum of Understanding with the Ministry of Investment of Saudi Arabia (MISA) and domestic research centers to bring its cancer therapy to Saudi Arabia.
The deal was finalized at the Saudi-U.S. Investment Forum 2025 in Riyadh, which coincided with President Trump’s recent state visit.
At the center of the expansion is its FDA-approved drug ANKTIVA, the first approved immunotherapy designed to activate the body’s natural immune system to fight non-muscle invasive bladder cancer.
Unlike traditional treatments such as chemotherapy or radiation, which can suppress immune function, ANKTIVA works by activating the body’s natural killer cells and T cells to restore immune function and potentially prolong survival.
“The BioShield platform changes the way we think about treating cancer — not by destroying the immune system but by restoring and activating it,” said Dr. Patrick Soon-Shiong, ImmunityBio’s founder and Global Chief Medical and Scientific Officer.
He called the loss of immune function — known as lymphopenia — the true disease, with cancer merely a symptom. The company's approach reframes cancer care as immune restoration rather than immune suppression.
“Together, by considering this a paradigm change, we can build a regional center of excellence for next-generation immunotherapies,” he added in a separate post on X, following his visit to the region.
Soon-Shiong also flagged the Middle East’s elevated bladder cancer rates, particularly in Egypt, where parasitic disease is a major driver of incidence.
Saudi Arabia’s investment minister, Khalid A. AlFalih, said the agreement “reflects the Kingdom’s commitment to positioning itself as a global hub in the biotechnology sector in advanced therapeutics.”
Wall Street took note, too
Last week, Piper Sandler analyst Ed Tenthoff upgraded ImmunityBio from “neutral” to “overweight” and raised his price target to $5.00, up from $4.25, citing strong early performance from ANKTIVA and promising revenue momentum.
The company reported Q1 revenue of $16.5 million — up 129% from $7.2 million the previous quarter — thanks largely to a 150% spike in ANKTIVA sales.
ImmunityBio closed Tuesday with a market cap of $2.26 billion and a share price of $2.53.
Tenthoff and other ImmunityBio bulls argue that the company’s international expansion could mark a turning point, and not just for ImmunityBio’s stock but for global cancer care .
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