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September 2023 Top Biopharma Deal: Immatics development and commercialization deal with Moderna for TCR therapies

Oct 2, 2023 | Deal of the Month

September 2023 Top Biopharma Deal Upfront
Immatics development and commercialization deal with Moderna for TCR therapies

Highlighted Deal Financial Comps

Date Announced:

September 11, 2023

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:




Cost & Profit Split:


Deal Synopsis

The Asset:

TCR bispecifics (TCER)

Deal Structure:

Development and Commercialization License

Partnership Features:

Co-Development, Shared Dev Cost , Options to Add Products, TAs, and/or Territories

Deal Details:

  • Immatics grants Moderna exclusive, worldwide rights for half-life extended TCR bispecifics (TCER).
  • Target: cancer-specific HLA-presented peptides.
  • Partnership integrates:
    • Immatics’ XPRESIDENT platform
    • Immatics’ AI platform XCUBE
    • Moderna’s mRNA technology
  • Joint study: Immatics’ IMA-203 TCR-T therapy and Moderna’s PRAME mRNA-based cancer vaccine.
  • Immatics oversees preclinical and Phase I clinical trials for the combo therapy.
  • Shared development costs for combination study by Immatics.
  • Immatics has optionality on profit and loss sharing for TCER therapies.
  • Immatics gets:
    • $120M upfront payment
    • Undisclosed R&D funding
    • Potential $1.7B in milestones (development, regulatory, commercial)
    • Tiered royalties.

Last Month:

Congrats to Immatics and Moderna for landing DealForma’s September 2023 Top Biopharma Deal. Last month’s Deal of the Month was Poseida – Astellas for P-MUC1C-ALLO1. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting to schedule your personalized demo.


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