Pharma BD Deal Intelligence
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.