Bristol Myers Squibb Invests $35 Million in Immatics

By Will Feuer

Bristol Myers Squibb has invested $35 million in clinical-stage biopharmaceutical company Immatics.

Bristol Myers bought about 2.42 million ordinary shares of Immatics in a private placement at a subscription price of $14.46 a share. Immatics shares rose 7.7% to $12.80 in premarket trading.

Immatics said Bristol Myers also has the right to appoint a member to the Immatics Scientific Advisory Board as part of the deal.

Immatics is focused on developing T cell receptors with the goal of enabling a robust and specific T cell response against targets for cancer immunotherapies.

"This investment is further testimony to the strength of the relationship and of our differentiated platform technologies that are the foundation of our TCR-based cell therapies and bispecifics," Immatics Chief Executive Harpreet Singh said.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

07-24-23 0741ET