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Immatics N.V. (NASDAQ: IMTX), a clinical-stage biopharmaceutical company focused on T cell-redirecting cancer immunotherapies, has announced the pricing of its public offering. The company is offering 16,250,000 ordinary shares at a public offering price of $9.25 per share. The gross proceeds from the offering are expected to be approximately $150 million, before deducting underwriting discounts and offering expenses.
The offering is set to close on October 15, 2024, subject to customary closing conditions. Immatics has also granted the underwriters a 30-day option to purchase up to 2,437,500 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.
Immatics N.V. (NASDAQ: IMTX), una società biofarmaceutica in fase clinica focalizzata su terapie immunologiche contro il cancro che reindirizzano le cellule T, ha annunciato il prezzo della sua offerta pubblica. La società offre 16.250.000 azioni ordinarie a un prezzo di offerta pubblica di $9,25 per azione. I proventi lordi dall’offerta dovrebbero essere di circa $150 milioni, prima di dedurre i costi di sottoscrizione e le spese dell’offerta.
L’offerta si chiuderà il 15 ottobre 2024, soggetta a condizioni di chiusura abituali. Immatics ha anche concesso agli underwriter un’opzione di 30 giorni per acquistare fino a 2.437.500 azioni aggiuntive al prezzo di offerta pubblica, al netto dello sconto di sottoscrizione. Jefferies, BofA Securities e Leerink Partners agiscono come manager co-leader per l’offerta.
Immatics N.V. (NASDAQ: IMTX), una compañía biofarmacéutica en etapa clínica centrada en terapias de inmunoterapia contra el cáncer que redirigen células T, ha anunciado la fijación de precios de su oferta pública. La compañía está ofreciendo 16,250,000 acciones ordinarias a un precio de oferta pública de $9.25 por acción. Los ingresos brutos de la oferta se espera que sean aproximadamente $150 millones, antes de deducir descuentos de suscripción y gastos de oferta.
Se espera que la oferta cierre el 15 de octubre de 2024, sujeta a condiciones de cierre habituales. Immatics también ha otorgado a los suscriptores una opción de 30 días para comprar hasta 2,437,500 acciones adicionales al precio de oferta pública, menos el descuento de suscripción. Jefferies, BofA Securities y Leerink Partners actúan como gerentes conjuntos de la oferta.
Immatics N.V. (NASDAQ: IMTX)는 T세포를 재조정하는 암 면역치료에 초점을 맞춘 임상 단계의 생물 제약 회사로, 공개 제안 가격을 발표했습니다. 이 회사는 16,250,000주의 보통주를 주당 $9.25의 공개 제안 가격으로 제공합니다. 총 제안 수익은 약 $150 백만이 될 것으로 예상되며, 인수 수수료와 제안 비용을 공제하기 전입니다.
제안은 2024년 10월 15일에 마감될 예정이며, 일반적인 마감 조건이 적용됩니다. Immatics는 또한 인수자에게 2,437,500주 추가 매입 옵션을 30일 동안 공개 제안 가격으로 제공하는 권리를 부여했습니다, 단 인수 수수료는 제외됩니다. Jefferies, BofA Securities, 및 Leerink Partners가 제안의 공동 주관 관리자 역할을 하고 있습니다.
Immatics N.V. (NASDAQ: IMTX), une société bio-pharmaceutique en phase clinique spécialisée dans les immunothérapies contre le cancer redirigeant les cellules T, a annoncé le prix de son offre publique. La société propose 16 250 000 actions ordinaires à un prix d’offre publique de 9,25 $ par action. Les produits bruts de l’offre devraient atteindre environ 150 millions $, avant de déduire les remises de souscription et les frais d’offre.
L’offre devrait se clôturer le 15 octobre 2024, sous réserve des conditions de clôture habituelles. Immatics a également accordé aux souscripteurs une option de 30 jours pour acheter jusqu’à 2 437 500 actions supplémentaires au prix d’offre public, moins la remise de souscription. Jefferies, BofA Securities et Leerink Partners agissent en tant que gestionnaires principaux de l’offre.
Immatics N.V. (NASDAQ: IMTX), ein biopharmazeutisches Unternehmen in der klinischen Phase, das sich auf T-Zell-umlenkende Krebsimmuntherapien konzentriert, hat die Preisgestaltung seines öffentlichen Angebots bekannt gegeben. Das Unternehmen bietet 16.250.000 Stammaktien zu einem öffentlichen Angebotspreis von 9,25 $ pro Aktie an. Die Bruttoeinnahmen aus dem Angebot werden auf etwa 150 Millionen $ geschätzt, bevor Underwriting-Rabatte und Angebotskosten abgezogen werden.
Das Angebot soll am 15. Oktober 2024 abgeschlossen werden, vorbehaltlich üblicher Abschlussbedingungen. Immatics hat den Underwriters außerdem eine 30-tägige Option eingeräumt, bis zu 2.437.500 zusätzliche Aktien zum öffentlichen Angebotspreis, abzüglich des Underwriting-Rabatts, zu erwerben. Jefferies, BofA Securities und Leerink Partners fungieren als gemeinsame Buchführungsleiter für das Angebot.
Positive
- Successful pricing of a $150 million public offering
- Potential for additional $22.5 million if underwriters exercise their option
- Strong support from reputable financial institutions as joint book-running managers
Negative
- Potential dilution of existing shareholders’ ownership
- Increase in outstanding shares may put downward pressure on stock price
Insights
Immatics’ $150 million public offering is a significant capital raise that will substantially bolster the company’s balance sheet. At $9.25 per share, the offering price represents a 5.7% discount to the previous closing price, which is within the typical range for biotech offerings.
The additional capital will likely be used to advance Immatics’ clinical pipeline of T cell-redirecting cancer immunotherapies. This cash infusion could potentially extend the company’s runway by 18-24 months, depending on burn rate and pipeline progress. The dilution impact is notable, with 16.25 million new shares representing about a 20% increase in total shares outstanding.
The underwriter’s option for an additional 15% of shares could bring total proceeds to $172.5 million if exercised. The involvement of major banks as joint book-running managers lends credibility to the offering. Overall, while dilutive, this financing strengthens Immatics’ financial position to execute on its clinical development plans.
This capital raise positions Immatics favorably within the competitive landscape of cancer immunotherapy. T cell-redirecting therapies are at the forefront of oncology research, with potential applications across various cancer types. The substantial funding will likely accelerate Immatics’ clinical programs and potentially expand its pipeline.
Investor interest in this offering, despite current market volatility, suggests confidence in Immatics’ technology platform and clinical progress. The company’s focus on both autologous and off-the-shelf approaches provides multiple shots on goal. This financing could be pivotal in advancing key programs through critical clinical milestones, potentially leading to value-creating data readouts in the next 12-24 months.
However, it’s important to monitor the company’s cash burn rate and clinical trial progress post-financing. Success in this highly competitive field will depend on differentiated efficacy and safety profiles compared to other emerging immunotherapies and established standards of care.
Houston, Texas and Tuebingen, Germany, October 10, 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 its previously announced underwritten public offering of 16,250,000 ordinary shares at a public offering price of $9.25 per share. The gross proceeds from the offering, before deducting the underwriting discount and offering expenses, are expected to be approximately $150 million. The offering is expected to close on October 15, 2024, subject to customary closing conditions. In addition, Immatics has granted the underwriters a 30-day option to purchase up to 2,437,500 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 became effective upon filing on October 10, 2024. 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, 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.
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FAQ
What is the price per share for Immatics’ (IMTX) public offering?
Immatics (IMTX) has priced its public offering at $9.25 per ordinary share.
How many shares is Immatics (IMTX) offering in its public offering?
Immatics (IMTX) is offering 16,250,000 ordinary shares in its public offering.
When is the expected closing date for Immatics’ (IMTX) public offering?
The public offering for Immatics (IMTX) is expected to close on October 15, 2024, subject to customary closing conditions.
What are the expected gross proceeds from Immatics’ (IMTX) public offering?
The expected gross proceeds from Immatics’ (IMTX) public offering are approximately $150 million, before deducting underwriting discounts and offering expenses.
Who are the joint book-running managers for Immatics’ (IMTX) public offering?
Jefferies, BofA Securities, and Leerink Partners are acting as joint book-running managers for Immatics’ (IMTX) public offering.
