Immatics acquired by sponsor-backed Arya

The deal is expected to close in Q2 2020 and Immatics will receive proceeds of approximately $252m on closing. Immatics' equity value contribution into the business combination totals around $350m.

The company will continue to operate under its current management team led by CEO Harpreet Singh.

Immatics shareholders, Arya shareholders and PIPE investors will hold shares in the new company known as Immatics NV.

Through its IPO on Nasdaq in October 2018, Arya raised $143.75m, which is now held in a trust account. In addition to this, a group of US healthcare investors has committed to participate in the transaction through a $104m common stock PIPE.

Investors in the PIPE include Perceptive Advisors, Redmile Group, Federated Hermes Kaufmann Funds, RTW Investments and Sphera Funds.

Existing Immatics shareholders including Dievini Hopp BioTech, AT Impf and Wellington Partners also committed. In the proposed IPO, they will receive around 35 million shares in exchange for their existing Immatics shares and will retain 100% of their equity, meaning that they will own around 61% of the shares in the newly created entity on closing, according to a statement.

The company is expected to be listed on Nasdaq as IMTX following the close. It will have a market capitalisation of around $634m, assuming that no Arya shareholders redeem their shares and that all Immatics shareholders participate in the transaction.

Jefferies is acting as sole placement agent for the planned IPO.

Previous funding
In February 2004, Wellington Partners led a €7.75m round for Immatics, which was also backed by 3i, Grazia Equity, LEA Private Equity and Merfin Capital.

New investor Renaissance Capital backed a €5.8m round, along with existing investors, in July 2005.

DH Capital led a €40m round backed by 3i, Wellington, KfW and the National Technology Enterprises Company of Kuwait in January 2007.

MIG led a €53.8m series-C round in September 2010, with additional participation from Wellington, Dievini Hopp and AT Impf.

In October 2013, MIG led the following €12m series-D round alongside previous investors Wellington and AT Impf. Dievini Hopp and Wellington backed a €22m extension to the round in July 2014.

Most recently, Immatics raised a $58m series-E round in October 2017, backed by Dievini Hopp, Wellington Partners, AT Impf and Amgen, as reported by Unquote.

Company
Immatics develops cancer therapies, focusing on T-cell redirecting immunotherapies for cancer patients. The company has partnerships with life sciences companies including GSK, Amgen and Bristol Myers Squibb.

The business generates revenues of $14m, according to Zoominfo. It was founded in 2000 as a spin-out from the University of Tübingen and is based in Tübingen, with additional offices in Munich and Houston, Texas. It employs 200 staff, according to its website.

People
Arya Sciences Acquisition Corp – Adam Stone (CEO).
Immatics – Harpreet Singh (CEO, co-founder).

Advisers
Equity – Chandan Capital Markets (corporate finance); Kirkland & Ellis (legal).
Company – Goldman Sachs (corporate finance); Bank of America (corporate finance); SVB Leerink (corporate finance); Kempen (corporate finance); Goodwin Procter (legal); CMS (legal).

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