WALTHAM, Mass.--(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.
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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170901005176/en/
Sarah Kiely, 781-895-0600
Courtney O'Konek, 781-895-0158
Robert Stanislaro, 212-850-5657
Source: ImmunoGen, Inc.
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