Immatics shares jump after investment from Bristol Myers Squibb

Shares of Immatics N.V.
IMTX,
+2.19%
gained more than 8% premarket on Monday after the clinical-stage biopharma company said it had received a $35 million equity investment from Bristol Myers Squibb Co.
BMY,
+0.43%.
The pharmaceutical giant purchased more than 2.4 million Immatics shares in a private placement at a price of $14.46 per share, Immatics said in a release. The deal also gives Bristol Myers Squibb the right to appoint a member to the Immatics scientific advisory board, according to the release. Immatics is focused on discovery and development of T cell-redirecting cancer immunotherapies. Bristol Myers Squibb shares gained 0.3% premarket on Monday and have declined 10.1% in the year to date, while the S&P 500
SPX,
+0.44%
is up 18%.