On January 2, 2024, ImmunityBio, Inc., a clinical-stage immunotherapy company announced an up to $320 million royalty financing and equity investment in the company by Oberland Capital, with $210 million of gross proceeds received at closing on December 29, 2023. The additional capital provides significant financial resources for ImmunityBio to accelerate its commercialization efforts in anticipation of a potential regulatory approval, as well as to expand its pipeline within the broader urological cancer space. The proceeds will also be used to fund ongoing business operations and clinical trials expanding N-803 (Anktiva®) indications into multiple solid tumors. Wilson Sonsini Goodrich & Rosati represented ImmunityBio in the transaction.
The investment from Oberland Capital takes the form of a $300 million Revenue Interest Purchase Agreement (RIPA), of which $200 million was funded at closing, and $100 million is to be funded contingent upon FDA approval of the Company’s Biologics License Application for Anktiva in combination with Bacillus Calmette-Guérin for non-muscle invasive bladder cancer, and subject to other terms and conditions as set forth in the RIPA. In addition, ImmunityBio has entered into a purchase agreement with Oberland Capital for the private placement of 2,432,894 shares issued at closing, representing $10 million of gross proceeds based on the trailing 30-trading days VWAP. Oberland Capital has also an option to purchase an additional $10 million of common stock at a future date.
In connection with the RIPA, ImmunityBio and Nant Capital entered into amendments to extend the maturity dates of certain existing promissory notes with an aggregate principal amount of approximately $505 million from December 31, 2024, to December 31, 2025, and to allow Nant Capital to convert up to an aggregate of $380 million of principal, plus accrued and unpaid interest, into shares of common stock.
The Wilson Sonsini team that represented ImmunityBio in the transaction includes:
Corporate Finance
Dana Hall
David Hu
Rick Titcomb
Ryan Isola
Corporate
Martin Waters
Tom Hornish
Karl Kobylecki
CJ Collins
Patents and Innovations
Matt Bresnahan
Matt Wheeler
Technology Transactions
John Wehrli
FDA Regulatory
Eva Yin
For more information, please see the press release.