Immatics Announces Pricing of $175 Million Public Offering

Rhea-AI Summary

Immatics N.V. (IMTX) announced the pricing of an underwritten public offering of 15,925,000 ordinary shares at a public offering price of $11.00 per share, expected to raise approximately $175 million in gross proceeds. The offering is expected to close on January 22, 2024, and the underwriters have a 30-day option to purchase additional shares. Jefferies, BofA Securities, and Leerink Partners are acting as joint book-running managers for the offering. The press release emphasizes that the offering is being made only by means of a prospectus supplement and accompanying prospectus, and provides contact information for obtaining copies of the final prospectus supplement and the accompanying prospectus.

Financial Analyst

The public offering announcement by Immatics N.V. is a significant financial event that could affect the company's capital structure and liquidity. By pricing their ordinary shares at $11.00, the company is expected to raise gross proceeds of approximately $175 million. This influx of capital is substantial for a clinical-stage biopharmaceutical company, as it suggests a strong investor interest and confidence in Immatics' potential to succeed in the highly competitive cancer immunotherapy market.

Moreover, the capital raised can be pivotal for funding ongoing research and development projects, particularly T cell-redirecting cancer immunotherapies. The additional 30-day option for underwriters to purchase up to 2,388,750 additional shares provides a potential for even more capital, albeit at a discount, which could further bolster the company's financial position.

It is also noteworthy that the offering is being managed by reputable financial institutions such as Jefferies, BofA Securities and Leerink Partners, which often implies a vetted and well-structured offering. The effective registration statement by the SEC is a mandatory regulatory step that ensures transparency and compliance with securities laws, which is crucial for investor protection.

Medical Research Analyst

The funding acquired from the public offering is likely earmarked for Immatics' research and development endeavors, particularly the advancement of their T cell-redirecting cancer immunotherapies. These therapies represent a cutting-edge approach in oncology, focusing on harnessing the body's immune system to target and destroy cancer cells. The capital could significantly accelerate the clinical trial process, which is both time-consuming and capital-intensive.

Given the rigorous nature of clinical trials and the high rate of attrition in drug development, the successful pricing of their shares reflects a positive outlook on Immatics' scientific prospects. This is crucial for stakeholders as the progression through clinical trial phases often serves as value inflection points, potentially impacting the company's stock performance and market valuation.

It is also important to consider the competitive landscape of cancer immunotherapies. Should Immatics' treatments prove to be safe and effective, the company could capture a significant market share, but this is contingent upon the clinical outcomes and subsequent regulatory approvals.

Market Research Analyst

From a market perspective, Immatics' public offering can be seen as a strategic move to capitalize on market conditions favorable for biotech companies. The pricing of the shares and the interest from institutional underwriters suggest a robust demand for biotech investments, despite the traditionally high risk associated with the sector. The offering's timing may have been influenced by market sentiment, investor appetite for biotech stocks and the company's need to secure funding ahead of critical milestones.

Long-term implications for stakeholders include the dilution of existing shares, which is an inherent outcome of public offerings. However, if the additional capital leads to successful product development and commercialization, the long-term value creation could offset the dilution effect. Stakeholders should monitor the deployment of the raised capital into research and development activities and the subsequent results from clinical trials, as these will be key determinants of Immatics' future performance in the market.

Houston, Texas and Tuebingen, Germany, January 17, 2024 – Immatics N.V. (NASDAQ: IMTX, “Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, announced today the pricing of an underwritten public offering of 15,925,000 ordinary shares at a public offering price of $11.00 per share. The gross proceeds from the offering, before deducting the underwriting discount and offering expenses, are expected to be approximately $175 million. The offering is expected to close on January 22, 2024, subject to customary closing conditions. In addition, Immatics has granted the underwriters a 30-day option to purchase up to 2,388,750 additional shares at the public offering price, less the underwriting discount.

Jefferies, BofA Securities and Leerink Partners are acting as joint book-running managers for the offering.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on August 9, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge from

• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com;
• BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, telephone: (800) 294-1322, email: dg.prospectus_requests@bofa.com;
• Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, telephone: (800) 808-7525, ext. 6105, email: syndicate@leerink.com.
  
  

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

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About Immatics
Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements, including statements regarding the securities offering. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.

For more information, please contact:

Media
Trophic Communications
Phone: +49 171 3512733
immatics@trophic.eu

Investor Relations
Sabrina Schecher, Ph.D.
Senior Director, Investor Relations
Phone: +49 89 262002433
InvestorRelations@immatics.com

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What is the pricing and size of the underwritten public offering announced by Immatics N.V. (IMTX)?

Immatics N.V. (IMTX) announced the pricing of an underwritten public offering of 15,925,000 ordinary shares at a public offering price of $11.00 per share, expected to raise approximately $175 million in gross proceeds.

When is the expected closing date of the underwritten public offering announced by Immatics N.V. (IMTX)?

The underwritten public offering announced by Immatics N.V. (IMTX) is expected to close on January 22, 2024.

Which companies are acting as joint book-running managers for the underwritten public offering announced by Immatics N.V. (IMTX)?

Jefferies, BofA Securities, and Leerink Partners are acting as joint book-running managers for the underwritten public offering announced by Immatics N.V. (IMTX).

How can copies of the final prospectus supplement and the accompanying prospectus relating to the offering be obtained?

When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge from Jefferies LLC, BofA Securities, and Leerink Partners, with provided contact information.