Gamida Cell commences restructuring process supported by Highbridge

Gamida Cell has entered into a Restructuring Support Agreement with certain funds managed by Highbridge Capital Management, the Company’s principal lender. The transaction is anticipated to provide Gamida Cell with a long-term financial runway and support the ongoing commercialization of Omisirge and is expected to be completed through a voluntary Israeli restructuring proceeding. Contemplated under the terms of the RSA, and upon closing: Highbridge will convert $75 million of its existing unsecured convertible senior note into equity in the Company. The Company will receive $30 million of new capital from Highbridge on the effective date of the restructuring. This capital infusion, along with additional capital expected to be invested by Highbridge following the Company’s emergence, should position the Company to meet its goals around the commercialization of Omisirge. Gamida Cell will become a private company, wholly owned by Highbridge, and the Company’s outstanding ordinary shares are expected to be canceled. The newly reorganized Gamida Cell will issue contingent value rights with a potential aggregate maximum value of $27.5 million to holders of Gamida Cell’s ordinary shares, subject to the achievement of certain revenue and regulatory milestones within specified time frames. The Company expects the transaction to close in the second quarter following approval by the Israeli court.