Immatics shares jump after investment from Bristol Myers Squibb

Shares of Immatics N.V. (IMTX) gained more than 8% premarket on Monday after the clinical-stage biopharma company said it had received a $35 million equity investment from Bristol Myers Squibb Co. (BMY). The pharmaceutical giant purchased more than 2.4 million Immatics shares in a private placement at a price of $14.46 per share, Immatics said in a release. The deal also gives Bristol Myers Squibb the right to appoint a member to the Immatics scientific advisory board, according to the release. Immatics is focused on discovery and development of T cell-redirecting cancer immunotherapies. Bristol Myers Squibb shares gained 0.3% premarket on Monday and have declined 10.1% in the year to date, while the S&P 500 is up 18%.

-Eleanor Laise

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07-24-23 0757ET

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