Immatics loses Bristol Myers' backing on Phase 1 bispecific T cell engager

Immatics, a German and US biotech company, has presented new clinical data on its bispecific T cell engager at Europe’s largest cancer conference. This development, however, coincides with the announcement that Bristol Myers Squibb (BMS) will be withdrawing from their partnership on the Phase 1 drug, IMA401. This drug had become one of Immatics' main priorities following a reevaluation of its pipeline last year.

Bristol Myers Squibb will be relinquishing its co-development and commercialization rights for IMA401 in December, according to a statement made by Immatics on Monday morning. A spokesperson from Bristol Myers Squibb explained via email that the decision was part of a “portfolio prioritization” process in which the company evaluates its projects to focus on those with the highest potential impact.

Despite the end of this agreement, Immatics retains the $150 million upfront payment it received when the deal was made in December 2021. However, the company will miss out on potential biobucks amounting to up to $770 million. Immatics, which has been overseeing the ongoing Phase 1 trials, plans to continue testing IMA401 and expects to have more data available next year.

The partnership between Immatics and Bristol Myers Squibb will continue on other projects, including both autologous and allogeneic adoptive cell therapies, as confirmed by a BMS spokesperson. Additionally, BMS remains an investor in Immatics. Immatics also has collaborations with other prominent biotech companies such as Moderna and Editas Medicine. Nevertheless, it had lost a collaboration with GSK in 2022.

Harpreet Singh, CEO of Immatics, expressed enthusiasm about reintegrating IMA401 into their pipeline as a wholly owned asset. Singh highlighted the promising initial anti-tumor activity observed in heavily pretreated patients with solid tumors. He emphasized the potential of targeting cancers that express MAGEA4 and MAGEA8, which would complement their PRAME franchise and enhance their ability to make a significant impact on the lives of patients with solid tumors.

Immatics' bispecific T cell engaging receptor, or TCER, is part of a broader class of T cell engagers. This category has recently garnered significant attention, including notable deals, an FDA approval, and one of the most significant private biotech launches of the year. Immatics has described its candidate as an "antibody-like molecule" that can redirect and stimulate T cells to attack specific cancer cells. The company claims that this biologic has the potential to activate "any T cell in the body" to target the desired tumor.