WALTHAM, Mass.--(BUSINESS WIRE)--ImmunoGen, Inc. (NASDAQ:IMGN) 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.
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 FR?-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.