Immatics shares rise on Moderna cancer collaboration

Immatics NV shares
IMTX,
-2.87%
gained more than 6% premarket on Monday after the company announced a collaboration with Moderna Inc.
MRNA,
-0.66%
to research and develop new cancer therapies. The partnership couples Immatics’ T cell-redirecting cancer immunotherapy platform with Moderna’s mRNA technology and is expected to span bispecifics, cell therapy and cancer vaccines, the companies said in a release Monday. Under terms of the agreement, Immatics will receive an upfront payment of $120 million as well as research funding and potential development, regulatory and commercial milestone payments that could exceed $1.7 billion, the companies said. Moderna shares were essentially unchanged premarket on Monday and have dropped 40% in the year to date. Immatics shares have gained nearly 40% in the year to date, while the S&P 500
SPX,
+0.14%
has gained 16%.