Immatics shares rise on Moderna cancer collaboration

Immatics NV shares (IMTX) gained more than 6% premarket on Monday after the company announced a collaboration with Moderna Inc. (MRNA) to research and develop new cancer therapies. The partnership couples Immatics' T cell-redirecting cancer immunotherapy platform with Moderna's mRNA technology and is expected to span bispecifics, cell therapy and cancer vaccines, the companies said in a release Monday. Under terms of the agreement, Immatics will receive an upfront payment of $120 million as well as research funding and potential development, regulatory and commercial milestone payments that could exceed $1.7 billion, the companies said. Moderna shares were essentially unchanged premarket on Monday and have dropped 40% in the year to date. Immatics shares have gained nearly 40% in the year to date, while the S&P 500 has gained 16%.

-Eleanor Laise

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09-11-23 0859ET

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