BRIEF—ImmunoGen borrows up to $175 million to develop ADCs

ImmunoGen has entered into a term loan financing facility for up to $175 million with entities managed by Pharmakon Advisors.

The antibody-drug conjugate (ADC) specialist said it would use the money to strengthen its balance sheet and “support its growth trajectory.”

An initial tranche of $75 million will be drawn right away, with a second tranche of up to $100 million available should certain criteria be met.

To access the rest of the money, certain top-line results must be achieved in the MIRASOL trial and a net sales threshold for Elahere (mirvetuximab soravtansine-gynx) must be met.

Chief executive Mark Enyedy said: "Pharmakon is a well-respected partner to innovative biotechnology companies, and we look forward to utilizing the non-dilutive capital from this agreement to advance the business and drive value for our shareholders as a commercial oncology company."