Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Bristol Myers Squibb has agreed to pay up to $920 million to license a Phase 1 cancer drug from Immatics, the latest in a string of dealmaking by the New York…
Bristol Myers Squibb is paying Immatics $150 million upfront for global rights to IMA401, a TCR-bispecific cancer treatment in early clinical development for…
ASCO 2026 / Nature Medicine: at RP2D (1-2 mg) IMA401 (+/- pembrolizumab) showed 29% cORR and 64% DCR in head & neck cancer (mDOR 8.8 mo, 60-100% deep…
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BMS entered a global exclusive license agreement with Immatics in December 2021 for IMA401, the most advanced TCR-bispecific (TCER) in Immatics' pipeline targeting MAGEA4/8 in solid tumors. Immatics received $150M upfront and was eligible for up to $770M in development, regulatory and commercial milestones plus tiered double-digit royalties, retaining a US co-promotion option. BMS terminated the collaboration as part of a pipeline prioritization review (announced Sep 16, 2024 at ESMO; effective Dec 12, 2024), returning full worldwide rights to Immatics; Immatics retained the $150M upfront with no refund or future milestone obligations. The asset has since advanced as a wholly owned Immatics program: by ASCO 2026 (data published simultaneously in Nature Medicine) IMA401 had reached clinical proof-of-concept at the recommended Phase 2 dose (1-2 mg) with a 29% confirmed ORR / 64% DCR in head & neck cancer and 33% cORR in melanoma, and is now being developed in an IMA401/IMA402 combination in squamous NSCLC.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / Immatics N.V. (this deal) | 2021 | $920M | — |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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