---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-005515"
form_type: "8-K"
ticker: null
cik: "0000855654"
company_name: "ImmunoGen, Inc."
filed_at: "2023-04-06T23:59:59+00:00"
generated_at: "2026-06-17T05:32:02.548916+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ImmunoGen secures up to $175M non-dilutive term loan from Pharmakon; $75M drawn at close

## Summary
- Initial tranche of $75M funded immediately; second tranche of $50M (expandable to $100M) contingent on MIRASOL trial data and ELAHERE sales threshold.
- Loan matures April 2028; interest-only for 36 months (extendable 12 months), then ratable principal payments.
- Interest rate: 3-month SOFR (floor 2.75%) + 8.00% per annum.
- Proceeds used for general corporate and working capital; loan secured by substantially all assets except certain non-ELAHERE IP.
- Goldman Sachs acted as financial advisor to ImmunoGen on the transaction.

## SEC filing metadata
- accession: 0001558370-23-005515
- form_type: 8-K
- cik: 0000855654
- company_name: ImmunoGen, Inc.
- filed_at: 2023-04-06T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/855654/000155837023005515/0001558370-23-005515-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/855654/000155837023005515/imgn-20230406x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-005515
- JSON: https://secwatch.observer/filing/0001558370-23-005515.json
- Plain text: https://secwatch.observer/filing/0001558370-23-005515.txt

## Key facts
- Debt Financings
  ImmunoGen, Inc. incurred term loan of up to a $175 million senior secured term loan with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (funds managed by Pharmakon Advisors, LP) at SOFR subject to a floor of 2.75% per annum, plus 8.00% per annum maturing April 6, 2028.
  - Instrument: term loan
  - Principal: up to a $175 million senior secured term loan
  - Counterparty: BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (funds managed by Pharmakon Advisors, LP)
  - Rate: SOFR subject to a floor of 2.75% per annum, plus 8.00% per annum
  - Maturity: April 6, 2028
  - Event: incurrence
  source text: On April 6, 2023, ImmunoGen, Inc. (the “Company”) entered into an agreement with BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), and the guarantors party to such agreement (the “Loan Agreement”). The Loan Agreement provides for up to a $175 million senior secured term loan (the “Term Loan”) consisting of two tranches that matures on April 6, 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/855654/000155837023005515/0001558370-23-005515-index.htm
- Material Agreements
  ImmunoGen, Inc. entered into Loan Agreement with BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP valued at up to $175 million senior secured term loan (effective 2023-04-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP
  - Value: up to $175 million senior secured term loan
  - Effective: 2023-04-06
  source text: On April 6, 2023, ImmunoGen, Inc. (the “Company”) entered into an agreement with BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), and the guarantors party to such agreement (the “Loan Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/855654/000155837023005515/0001558370-23-005515-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.