Bristol Myers Squibb, Immatics expand CAR-T agreement

Shares of Immatics IMTX, +3.85% gained 9.0% in premarket trading on Thursday after the company said its deal with Bristol Myers Squibb Inc. BMY, -0.65% has expanded to include several off-the-shelf TCR-T and/or CAR-T programs. Bristol’s stock was up 0.4%. The agreement pairs Immatics’ adoptive cell therapy platform with therapies being developed by Bristol Myers Squibb. Per the terms of the deal, Immatics will receive $60 million upfront and up to $700 million in milestone payments as well as royalties on net product sales. The companies also said they are expanding a 2019 agreement, and Immatics will receive $60 million and possible milestone payments and royalties. Immatics’ stock has gained 20.2% this year, while the broader S&P 500 SPX, -0.75% is down 13.9%.