2023-07-24 07:34:11 ET
A clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, Immatics ( NASDAQ: IMTX ) stock price surged 8.3% on Monday as the company said that Bristol Myers Squibb ( NYSE: BMY ) has made a $35M equity investment .
Bristol Myers Squibb ( BMY ) purchased~ 2.42M shares in a private placement transaction at a subscription price per share of $14.46.
Additionally, BMY has the right to appoint a member to the Immatics ( IMTX ) Scientific Advisory Board.
“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,” commented Harpreet Singh, Ph.D., CEO and Co-Founder of Immatics. “We remain steadfast in our commitment to advancing innovative treatment options for patients in their fight against cancer, and look forward to providing further clinical results in the second half of the year.”
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Immatics climbs 8% on $35M investment by Bristol Myers Squibb