07:59 AM EDT, 09/16/2024 (MT Newswires) -- Immatics ( IMTX ) said Monday it has ended its partnership with Bristol-Myers Squibb ( BMY ) to co-develop IMA401, targeting melanoma-associated antigen, because of current portfolio prioritization within the latter.

The current partnership and license agreement, initially signed in 2021, will end on Dec. 12, the company added.

Under the terms, Immatics ( IMTX ) will get back all IMA401 development and commercialization rights, it said.

Based on their initial agreement terms, Immatics ( IMTX ) said it will carry out the current phase 1 clinical trial and intends to move ahead with the clinical development of IMA401, and the next data update is anticipated next year.

Additionally, Immatics ( IMTX ) said it is not entitled to refund the $150 million upfront received under the partnership and is not required to pay any future milestone payments to Bristol-Myers.

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