JWCA ADVISES Immunogen ON ITS $100.0 million Convertible bond offering
June 2016 | read press release
Transaction Background
J. Wood Capital Advisors was hired by ImmunoGen to evaluate its options for raising incremental capital:
Provided complete capital structure analysis related to pricing, advantages, considerations, and total cost of capital for available financing alternatives:
Licensing Agreements
Royalty Loans
Convertible Debt
- Common Equity
- Designed the strategy and execution process to meet the Company's objectives:
Raised significant capital meet Company's operating needs on attractive terms
Designed the syndicate structure in an optimal way to minimize fees and manage relationships
Unwind of the existing call spread
Assisted the team with documentation, accounting, and tax review
Provided advice, support and analysis throughout the negotiation and deal preparation process
“JWCA was true value add for us. They have a great read on the convertible market, and helped us design and then execute the offering. Definitely worthwhile to have them on our side.”
Results
The Company executed a successful capital raise:
Net Cash to Balance Sheet of approximately $97mm provided ImmunoGen with critical funding for ongoing drug development