ImmunoGen swaps out $84.9 million of 4.5% convertibles for stock

By Susanna Moon

Chicago, Sept. 12 – ImmunoGen, Inc. exchanged $84.9 million principal amount of its 4.5% convertible senior notes due 2021 for stock.

ImmunoGen issued an aggregate of 22,604,196 shares of common stock in the exchanges in four tranches occurring on Sept. 6, Sept. 7, Sept. 8 and Sept. 11, according to an 8-K filing with the Securities and Exchange Commission.

As a result of the exchanges, the outstanding amount of the 2021 convertibles was reduced to $15.1 million and there is now 112,220,570 common shares.

The exchanges occurred under privately negotiated agreements with holders and were completed on Monday.

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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