Takeaways
- Moderna will partner with German biotechnology company Immatics to focus on vaccines and cancer therapies.
- Immantics will receive $120 million upfront and the deal could total up to $1.7 billion, plus royalties.
- The deal is subject to U.S. antitrust approval.
Moderna (MRNA) and German biotechnology company Immatics announced an agreement to work on developing cancer vaccines and treatments using the science behind Moderna's COVID-19 shots.
The companies said Immatics would receive an upfront payment of $120 million, plus research funding and milestone payments that could exceed $1.7 billion. Additionally, Immatics will be eligible for royalties on potential sales of the drugs produced.
The collaboration would join d& technology #39;s mRNA with Immatics immunotherapy platform and would also help it create its own cancer vaccine.
Rose Loughlin, Senior Vice President of Research and Moderna's early development, explained that the partnership “will accelerate the development of new oncology therapies and bring us one step closer to delivering meaningful benefits to patients with significant unmet medical needs.”
Toni Weinschenk, Chief Innovation Officer at Immatics, added that the two companies' assets “together represent a powerful combination that has the potential to provide significant benefits to cancer patients.”
The companies noted that #39;agreement was still subject to customary antitrust clearance in the United States
Moderna shares fell 1.7% on Monday and about 41% year to date.
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Source: investopedia.com