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 SPX has gained 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.