Why Immatics Shares Are Rising Today

Immatics N.V. IMTX shares are trading higher after the company announced a $35 million equity investment from Bristol-Myers Squibb Company BMY.

Bristol Myers Squibb purchased 2.42 million ordinary shares in a private placement transaction at a subscription price per share of $14.46.

Last year in June, the companies expanded their strategic alliance to pursue the development of multiple allogeneic off-the-shelf TCR-T and/or CAR-T programs.

"This investment is further testimony to the strength of the relationship and of our differentiated platform technologies that are the foundation of our TCR-based cell therapies and bispecifics," commented Harpreet Singh, Ph.D., CEO and Co-Founder of Immatics.

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On May 1, 2023, BMY exercised its first option and entered into a global license agreement with Immatics for the most advanced TCR-T product candidate to develop four TCR-based adoptive cell therapies targeting solid tumors.

"We remain steadfast in our commitment to advancing innovative treatment options for patients in their fight against cancer, and look forward to providing further clinical results in the second half of the year," Singh added.

Price Action: IMTX shares are trading higher by 2.99% to $12.24 on the last check Monday.