Immunocore slides on planned $300 mln convertible debt offering

Immunocore Holdings

30/01/2024 15:02

** Immunocore's  IMCR.O  shares down 9.5% at $65.23, about
3-week low, early Tues as UK-based biotech looks to raise
capital
    ** Commercial-stage firm late Mon said offering privately
$300 mln 6-yr convertible bonds
    ** It intends to use net offering proceeds for drug
development and fully repay loans outstanding under agreement
with investment funds managed by Pharmakon Advisors, LP
    ** Also late Mon, co said expects Q4 rev for its approved
melanoma drug, Kimmtrak, of $66 mln and that it had $443 mln of
cash at end-Dec
    ** Co has roughly $3.2 bln current market cap, per LSEG data
    ** With move on Tues, stock off ~4% YTD but has gained ~48%
over the past three months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))