New innovative high temperature materials play a key role in application fields where materials are subjected to extreme environmental conditions, for example in aerospace applications. For more than 50 years blades of low-pressure turbines in aero-engines are produced out of Ni-base alloys due to their excellent high-temperature strength. Intermetallic gamma titanium aluminides exhibit attractive properties such as a high melting point, a low density, a high specific young’s modulus, good oxidation resistance as well as a high specific tensile- and creep strength and are promising candidates to replace Ni-base alloys in certain application areas. Due to the intermetallic character of conventional γ-TiAl alloys, the associated insufficient hot-workability and the narrow process window it was up to now very challenging to establish a robust and economic production route to produce structural parts out of γ-TiAl via a hot-die forging route. In order to increase the deformation window a novel Nb and Mo containing γ-TiAl based alloy (TNM™ alloy) was developed with an adjustable volume fraction of ductile β(B2)-phase. The aim of this work was to perform a basic characterization of this new alloy, out of the as cast state to the forged and heat treated structural part. Main attention has been given to microstructural characterization as well as heat treatment studies and their influence on the resulting mechanical properties. In addition laboratory compression tests, phase fraction analysis out of X-ray diffraction measurements as well as texture analysis have been performed.