ImmunoGen to exchange $76.4 million of 4.5% convertibles for stock

New York, Sept. 1 – ImmunoGen, Inc. has entered into exchange agreements under which $76.4 million of its 4.5% convertible senior notes due 2021 will be exchanged for stock.

The company will issue 16,518,626 shares plus an additional number equal to $373.26 divided by the volume-weighted average trading price of the common stock over the four trading days beginning on Sept. 5, according to a news release and an 8-K filing with the Securities and Exchange Commission.

Settlement is planned for Sept. 11.

After completion of the exchanges, which were privately negotiated with a limited number of holders, the company will have $23.6 million of the 4.5% convertibles remaining outstanding.

ImmunoGen is a Waltham, Mass.-based clinical-stage biotechnology company that is developing cancer therapeutics using its proprietary antibody-drug conjugate technology.

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