Immatics Announces Proposed $150 Million Public Offering

Rhea-AI Summary

Immatics N.V. (NASDAQ: IMTX), a clinical-stage biopharmaceutical company focused on T cell-redirecting cancer immunotherapies, has announced the commencement of an underwritten public offering of its ordinary shares. The offering, subject to market conditions, has no guaranteed completion or defined terms. Jefferies, BofA Securities, and Leerink Partners are acting as joint book-running managers. A registration statement has been filed with the SEC and became effective on October 10, 2024. The offering will be made through a prospectus supplement and accompanying prospectus, available on the SEC's website. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities.

Positive

• Potential to raise significant capital ($150 million) for company operations and development
• Successful filing and effectiveness of registration statement with SEC
• Engagement of reputable financial institutions as joint book-running managers

Negative

• Potential dilution of existing shareholders' ownership
• Uncertainty regarding the completion and final terms of the offering
• Market conditions may affect the success and pricing of the offering

Insights

Financial Analyst

Immatics' proposed $150 million public offering is a significant move that could substantially impact the company's financial position and growth prospects. This capital raise, if successful, would represent about 13% of the company's current market cap of $1.14 billion.

The offering could provide Immatics with important funds to advance its clinical-stage T cell-redirecting cancer immunotherapies pipeline. However, it will likely lead to dilution for existing shareholders. The market's reaction to this news will be important to watch, as it may reflect investor confidence in the company's future prospects and the perceived value of its immunotherapy platform.

The involvement of major underwriters like Jefferies, BofA Securities and Leerink Partners lends credibility to the offering. However, the "subject to market conditions" clause suggests some uncertainty about the final terms and timing. Investors should closely monitor the pricing and demand for the offering, as these factors will indicate market sentiment towards Immatics and the broader biotech sector.

Biotech Industry Expert

This public offering by Immatics is a strategic move typical of clinical-stage biotech companies seeking to fund their R&D pipeline. The $150 million raise could significantly extend Immatics' runway, potentially funding multiple clinical trials or even pushing a lead candidate towards late-stage development.

Immatics' focus on T cell-redirecting cancer immunotherapies places it in a highly competitive and rapidly evolving field. This capital infusion could be important for maintaining its competitive edge and accelerating development timelines. However, the success of this offering will largely depend on investor appetite for biotech stocks in the current market climate, which has been challenging for the sector.

The company's ability to attract top-tier underwriters suggests confidence in its technology and market position. Investors should pay attention to how Immatics plans to allocate these funds and any updates on its clinical pipeline that may coincide with this offering, as these factors will be key in assessing the long-term impact of this financial move.

Houston, Texas and Tuebingen, Germany, October 10, 2024 – Immatics N.V. (NASDAQ: IMTX, “Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, announced today the commencement of an underwritten public offering of its ordinary shares. The offering is subject to market conditions and other factors, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Jefferies, BofA Securities and Leerink Partners are acting as joint book-running managers for the offering.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective upon filing on October 10, 2024. The offering will be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge from

• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com;
• BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC  28255-0001, telephone: (800) 294-1322, email: dg.prospectus_requests@bofa.com;
• Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, telephone: (800) 808-7525, ext. 6105, email: syndicate@leerink.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

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About Immatics
Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements, including statements regarding the proposed securities offering. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.

For more information, please contact:

Media
Trophic Communications
Phone: +49 171 3512733
immatics@trophic.eu

Immatics N.V.
Jordan Silverstein
Head of Strategy
Phone: +1 346 319-3325
InvestorRelations@immatics.com

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FAQ

What is the size of Immatics' proposed public offering?

Immatics N.V. (NASDAQ: IMTX) has announced a proposed public offering of $150 million of its ordinary shares.

When did Immatics' registration statement for the offering become effective?

The registration statement for Immatics' public offering became effective upon filing with the SEC on October 10, 2024.

Who are the joint book-running managers for Immatics' public offering?

Jefferies, BofA Securities, and Leerink Partners are acting as joint book-running managers for Immatics' public offering.

What is the primary focus of Immatics as a company?

Immatics is a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies.