Moderna and Immatics announce $120M upfront oncology collaboration for TCR bispecifics and cancer vaccines

Moderna, Inc.

Immatics receives $120M upfront plus research funding; milestones could exceed $1.7B plus tiered royalties on net sales.
Collaboration spans three pillars: mRNA-expressed TCER bispecifics, novel mRNA cancer vaccines using XPRESIDENT, and IMA203 TCR-T combo with Moderna's PRAME vaccine.
Moderna leads clinical development and commercialization of TCER and vaccine products; Immatics handles preclinical/Phase 1 for the combo study.
Immatics holds option to enter global profit/loss share for the most advanced TCER program.
Deal subject to customary US antitrust clearance; Moderna retains full ownership of its PRAME compound.

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