Biopharma venture investment totals rebounded in Q3 2023, nearing 2020 quarterly levels. The number of rounds, especially for seed and Series A, are still depressed as we are seeing investors re-investing in later rounds of portfolio companies rather than new...
September 2023 Top Biopharma Deal: Immatics development and commercialization deal with Moderna for TCR therapies
Highlighted Deal Financial Comps
Total Deal Value:
Cost & Profit Split:
- 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.
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 dealforma.com to schedule your personalized demo.
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