BUZZ-Innate Pharma: Citi lauds French biotech firm's cancer work

** Shares (Berlin: DI6.BE - news) in French biotechnology company Innate Pharma jump 8 pct as Citi initiates with a "buy" recommendation and 10 euros/share PT.

** French biotech this year: http://link.reuters.com/kag23w

** Innate tipped as a rarity in Europe -- a publicly listed immuno-oncology company with 2 experimental drugs in late-stage tests and a licensing deal with Bristol-Myers Squibb.

** Innate takes a different approach from other immuno-oncology companies, which may make its products suitable for inclusion in future cancer-fighting drug combinations.

** Several analysts forecasting sales of immune-boosting medicines from companies like Bristol-Myers, Merck & Co, Roche and AstraZeneca (NYSE: AZN - news) could top $30 bln a year.

** Progress on range of new immuno-oncology treatments was recently highlighted at a major cancer congress in Madrid.

** Citi sees high probability of success for Innate's most advanced product, lirilumab, in an ongoing Phase II trial for leukemia, with earliest approval estimated in 2016. (RM (LSE: RM.L - news) : ben.hirschler.thomsonreuters.com@reuters.net)