Immatics Announces First Bristol Myers Squibb Opt-in of TCR-T Candidate from Ongoing Multi-target Strategic Collaboration Bristol Myers Squibb exercised its first option and entered into a global license ag

Announces First Bristol Myers Squibb Opt-in of TCR-T Candidate

from Ongoing Multi-target Strategic Collaboration

Tuebingen, Germany &

Houston, May 1, 2023 - Immatics N.V. (NASDAQ: IMTX, "Immatics"), a clinical-stage

biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, today announced that Bristol

Myers Squibb (NYSE:BMY) has exercised its option and entered into an exclusive worldwide license for the first T cell receptor engineered

T cell therapy (TCR-T) candidate from their ongoing collaboration.

Under the terms of the 2019

multi-target strategic collaboration agreement, which was expanded in 2022,

Immatics is developing and validating four TCR-T targets and product candidates through the lead TCR candidate stage. Bristol Myers Squibb

can exercise opt-in rights and assume sole responsibility for further worldwide development, manufacturing, and commercialization of the

TCR-T cell therapies. This first opt-in is for a novel TCR-T product candidate against a target relevant in multiple solid tumor indications.

Immatics to receive an option exercise fee of $15 million.

"The opt-in decision by Bristol Myers Squibb

is an example of the success of our ongoing collaboration. The partnership's goal is to leverage Immatics' ability to develop

innovative cell therapies that have the potential to deliver future breakthrough therapies for patients," commented Harpreet Singh,

Ph.D., CEO and Co-Founder of Immatics. "We remain committed to making a meaningful impact on the lives of cancer patients and we

look forward to further advancing our own pipeline programs as well as our product candidates being developed with Bristol Myers Squibb

and other partners."

The TCR-T programs developed within the collaboration

are directed against solid tumor targets discovered by Immatics using its proprietary XPRESIDENT technology combined with its XCEPTOR

TCR discovery and engineering platform to identify specific TCRs against these targets.

For each program, Immatics is eligible for up to

$505 million in option exercise fee, regulatory and commercial milestone payments, as well as additional tiered royalties on net sales

of the licensed product.

Immatics combines the discovery of true targets

for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response

against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as

our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking

new avenues for patients in their fight against cancer.

For regular updates about Immatics, visit www.immatics.com.

Forward-Looking Statements Immatics:

Certain statements in this press release may be

considered forward-looking statements. Forward-looking statements generally relate to future events or Immatics' future financial

or operating performance. For example, statements concerning the timing of product candidates and Immatics' focus on partnerships

to advance its strategy are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such

as "may", "should", "expect", "intend", "will", "estimate", "anticipate",

"believe", "predict", "potential" or "continue", or the negatives of these terms or variations

of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause

actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements

are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New

risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may

cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's

control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in

this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved

or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking

statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements. All

the scientific and clinical data presented within this press release are - by definition prior to completion of the

clinical trial and a clinical study report -

preliminary in nature and subject to further quality checks including customary source data verification.

For more information, please contact:

and Investor Relations Contact