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Immatics to Raise $175M in Public Stock Offering

NEW YORK – Immatics on Thursday said it priced a public offering of 15,925,000 ordinary shares at a price of $11 per share.

The Tuebingen, Germany-based company expects to raise about $175 million in gross proceeds. Immatics has also granted underwriters a 30-day option to purchase 2,388,750 shares at the offering price. Jefferies, BofA Securities, and Leerink Partners are joint bookrunning managers for the offering.

Immatics raised $110 million in a previous private stock offering in October 2022.

Immatics is developing a pipeline of T-cell receptor-based immunotherapies for treatment of solid tumors. In November 2023, it reported data from a Phase Ib trial of its preferentially expressed antigen in melanoma (PRAME)-targeted autologous T-cell receptor therapy IMA203 with and without Bristol Myers Squibb's anti-PD-1 antibody Opdivo (nivolumab) in recurrent and refractory solid cancers. Patients in cohort A treated with IMA203 monotherapy had a 50 percent confirmed objective response rate, and those in cohort C, who received a second-generation product candidate, IMA203CD8, had a 56 percent confirmed objective response rate. Immatics plans to develop IMA203 as a therapy for melanoma and IMA203CD8 for ovarian, uterine, non-small cell lung, triple-negative breast, and other tumor types.

In August, Immatics began a Phase I/II trial of its bispecific T-cell engaging receptor in patients with advanced, HLA-A*02:01-positive, PRAME-expressing tumors, with an initial focus on cutaneous and uveal melanoma, ovarian cancer, lung cancer, uterine cancer, and synovial sarcoma.

The company also partnered with Moderna in September 2023 to develop cancer treatments based on their respective T-cell receptor and mRNA technologies. In that deal, Moderna agreed to pay $120 million to Immatics upfront and provide research funding, with development, regulatory, and commercial milestone payments up to $1.7 billion.

In Thursday morning trade on the Nasdaq, shares of Immatics were down nearly 1 percent at $11.12.