Immatics Shares Rise Premarket on Collaboration With Moderna
By Colin Kellaher
Shares of Immatics moved higher in premarket trading Monday after the clinical-stage biopharmaceutical company formed a collaboration with vaccine maker Moderna to develop new therapies for cancer patients.
The companies on Monday said they plan to combine Immatics' Xpresident target discovery platform with Moderna's mRNA technology for the development of novel cancer vaccines.
Moderna, based in Cambridge, Mass., will make a $120 million upfront payment to Germany-based Immatics under the agreement, the companies said.
Immatics will also receive research funding and is eligible to receive milestone payments that could top $1.7 billion, along with royalties on product sales.
Immatics shares, which closed Friday at $12.18, were recently up 6.6% to $12.98 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 11, 2023 07:39 ET (11:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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