Bristol Myers Terminates Partnership with Immatics on Bispecific Cancer Drug After $150M Investment

Termination of Partnership:
Bristol Myers Squibb has ended its partnership with Immatics on a bispecific T cell engager, a type of cancer drug, after investing $150 million.

Full Control to Immatics:
The termination leaves Immatics in full control of the bispecific molecule.

ESMO Context:
The decision was announced during the European Society for Medical Oncology (ESMO) conference, highlighting the challenges in developing bispecific cancer drugs.

Cancer Drug Development:
This move underscores the risks and uncertainties in cancer drug development, even with significant investments.

Impact on Immatics:
Immatics will now proceed with the development of the bispecific drug independently, following the termination of the partnership with Bristol Myers Squibb.