Immatics N.V. announced a $125 million underwritten equity offering that will close on December 8, 2025. The company will sell 12.5 million ordinary shares at $10.00 per share, a price that is below the current market level and reflects a discount typical of equity issuances in the biopharmaceutical sector.
The offering will add to Immatics’ substantial cash position, which stood at $588.1 million as of March 31, 2025. By raising $125 million, the company will extend its runway for ongoing clinical development and potential strategic initiatives. While the net proceeds will be lower than the gross amount due to underwriting discounts and expenses, the exact figure has not been disclosed; industry practice suggests a discount of 5‑10% for similar offerings.
The capital raise is timed to support key milestones in Immatics’ pipeline, including the Phase 3 SUPRAME trial of IMA203 and the expansion of its TCR T‑cell and bispecific programs. The company has previously raised capital—$150 million in October 2024 and $110 million in October 2022—to fund research, clinical trials, and potential acquisitions. This pattern underscores the need for regular financing to sustain long‑term development cycles in the competitive cancer‑immunotherapy space.
The offering price of $10.00 per share is attractive relative to the company’s market price, potentially drawing new investors. The issuance of 12.5 million shares will dilute existing shareholders, but the company has not disclosed the pre‑offering share count, so the precise dilution impact remains unclear. The involvement of Jefferies, Leerink Partners, and Cantor as joint book‑running managers signals strong institutional confidence in Immatics’ prospects.
By bolstering its cash reserves, Immatics positions itself to maintain momentum in its clinical programs and pursue strategic opportunities without immediate liquidity constraints. The additional capital will help the company navigate the capital‑intensive path to regulatory approval and market entry for its next‑generation immunotherapies.
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