Immunic raises $400M for MS trials via convertible notes with 6.75% interest
Immunic raised $400 million via a convertible note offering, issuing $340 million of notes due March 2028 at 6.75% interest and a $60 million greenshoe option convertible at $5.77 per share. The $393 million net will fund late-stage multiple sclerosis trials of IMU-935 and commercial launch, extending Immunic's cash runway into 2028.
1. Offering Structure
Immunic sold $340 million of convertible notes due March 2028 at 6.75% annual interest, each convertible at $5.77 per share, and granted a $60 million greenshoe option exercisable within 30 days, providing flexibility for up to $400 million in debt financing.
2. Use of Proceeds
Net proceeds of $393 million will be allocated to advance IMU-935 through pivotal late-stage multiple sclerosis trials and to prepare for its commercial launch, significantly extending Immunic’s cash runway into 2028.
3. Market Reaction
Shares of Immunic jumped approximately 20% intraday following the financing announcement as investors welcomed the strengthened balance sheet and clearer funding path for its key MS programme.