ImmunoGen Announces Agreements to Exchange $76.4 Million of Its 4.50% Convertible Senior Notes Due 2021 for Common Stock
September 01 2017 - 8:00AM
Business Wire
ImmunoGen, Inc. (NASDAQ:IMGN) (“ImmunoGen” or the “Company”)
today announced that it has entered into privately negotiated
exchange agreements with a limited number of holders of its 4.50%
Convertible Senior Notes due 2021. Pursuant to the exchange
agreements, the Company will exchange approximately $76.4 million
in aggregate principal amount of notes, for (i) approximately
16,518,626 newly issued shares of the Company’s common stock plus
(ii) an additional number of newly issued shares of the Company’s
common stock to be determined based on the volume-weighted average
trading price of the common stock over the four trading days
beginning on September 5, 2017.
The Company anticipates that the exchanges will be completed on
or about September 11, 2017. Upon completion of the exchanges, the
aggregate principal amount of the Company’s 4.50% Convertible
Senior Notes due 2021 is anticipated to be reduced to approximately
$23.6 million.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offering would be unlawful. The exchanges are exempt
from registration under Section 4(a)(2) of the Securities Act of
1933, as amended.
About ImmunoGen
ImmunoGen is a clinical-stage biotechnology company that
develops targeted cancer therapeutics using its proprietary
antibody-drug conjugate (ADC) technology. ImmunoGen’s lead product
candidate, mirvetuximab soravtansine, is in a Phase 3 trial for
FRα-positive platinum-resistant ovarian cancer, and is in Phase
1b/2 testing in combination regimens for earlier-stage disease.
ImmunoGen’s ADC technology is used in Roche’s marketed product,
Kadcyla®, in other clinical-stage ImmunoGen product candidates, and
in programs in development by Amgen, Bayer, Biotest, CytomX,
Debiopharm, Lilly, Novartis, Sanofi and Takeda. More information
about the Company can be found at www.immunogen.com.
Kadcyla® is a registered trademark of Genentech, a member of the
Roche Group.
This press release includes forward-looking statements based on
management’s current expectations. These statements include, but
are not limited to, ImmunoGen’s expectations related to: the
completion of the exchanges on or about September 11, 2017 and the
principal amount of notes following the exchanges. For these
statements, ImmunoGen claims the protection of the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Various factors could cause
ImmunoGen’s actual results to differ materially from those
discussed or implied in the forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this release.
Factors that could cause future results to differ materially from
such expectations include, but are not limited to: the factors more
fully described in ImmunoGen’s transition report on Form 10-K for
the six-month period ended December 31, 2016 and other reports
filed with the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170901005176/en/
For InvestorsImmunoGen, Inc.Sarah Kiely,
781-895-0600sarah.kiely@immunogen.comorFor MediaImmunoGen,
Inc.Courtney O’Konek,
781-895-0158courtney.okonek@immunogen.comorFTI Consulting,
Inc.Robert Stanislaro,
212-850-5657robert.stanislaro@fticonsulting.com
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