NASDAQ-listed Immatics looks set to raise $175m in a public offering, boosting its T cell-directing cancer immunotherapy pipeline.
The underwritten public offering involves 15,925,000 of the company’s ordinary shares at a public offering price of $11.00 per share.
The offering is expected to close on 22 January, according to an 18 January press release.
The biotech will also offer the underwriters 2,388,750 additional shares at the public offering price for 30 days.
In September 2023, Immatics secured a big deal with Moderna. The big pharma agreed to pay $120m upfront along with milestone payments upwards of $1.7bn to create mRNA-enabled in vivo expressed T cell engaging receptor (TCER) molecules for cancer vaccines. As per the collaboration deal, Immatics oversees pre-clinical and early-stage studies, whilst Moderna will lead the development and commercialisation of candidates.
Immatics has developed two target and T-cell receptor (TCR) discovery platforms called XPRESIDENT and XCEPTOR. The biotech is developing TCR-based immunotherapies with an emphasis on solid tumours.
Alongside Immatics’ own candidates, Bristol Myers Squibb is partnering on multiple undisclosed programmes in Immatics’ autologous adoptive cell therapy (ACT) pipeline and allogenic ACT pipeline. ACT is a personalised therapy approach in which the paitent’s own T cells are modified to express a certain TCR, which then engages with the tumour once reinfused into the patient.
In 2022, Bristol Myers Squibb expanded its collaboration with Immatics for allogenic ACT programmes with $60m upfront and milestone payments of up to $700m per programme. Bristol Myers Squibb has already added an autologous T cell receptor-based therapy, discovered by Immatics, to its pipeline.
Immatics reported $184.3m in revenue in 2022, up from $37.1m in 2021. The company reported lower earnings in Q3 2023 compared to Q3 2022, citing “lower non-cash recognition of deferred revenue from initial upfront payments.”
The biotech projects a cash runway deep into 2026.
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