further to discussions with Bermuda28 Aug 2019 14:00
Immatics scores $75M upfront in TCR deal with Celgene, as interest in tech burgeons
Months after elevating chief scientist Harpreet Singh to the post of CEO, privately-held immuno-oncology company Immatics has enlisted Celgene in a deal capitalizing on the industry’s appetite for TCR therapies and their potential to target solid tumors — a limitation of existing cellular therapies.
The Celgene deal gives Immatics $75 million upfront for three programs and up to $505 million in milestone payments for each licensed product if Celgene exercises the option. If all goes well, Immatics stands to earn more than $1.5 billion, in addition to tiered royalties on net sales. Celgene $CELG, meanwhile, is in the process of being taken over by Bristol-Myers Squibb $BMY — which means the fate of the deal ultimately lies with Bristol-Myers.
The new deal includes the largest upfront Immatics has received for any pact, as well as the highest potential value attached to each target — which shows the increasing appreciation for such targets, Singh added.