ImmunoGen to price $100 million five-year convertibles to yield 4%-4.5%, up 20%-25%

By Rebecca Melvin

New York, June 13 – ImmunoGen Inc. launched an offering of $100 million of five-year convertible senior notes after the market close on Monday for pricing late Tuesday that were talked to yield 4% to 4.5% with an initial conversion premium of 20% to 25%, according to market sources.

The Rule 144A offering has a $15 million greenshoe and was being marketed via bookrunner J.P. Morgan Securities LLC.

The notes are non-callable with no puts. Upon conversion, holders of the bonds will receive shares of ImmunoGen stock. The notes have takeover and dividend protection.

Proceeds will be used for its operations including but not limited to clinical trial expenditures, including the manufacture of ImmunoGen’s experimental therapies, other research and development expenditures, and other corporate purposes, capital expenditures and for working capital.

Waltham, Mass.-based ImmunoGen is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its proprietary antibody drug conjugate technology. Its lead product is Mirvetuximab soravtansine, which is being advanced to Phase 3 testing for certain forms of ovarian cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.