ImmunityBio announces up to $320M in investment from Oberland Capital

ImmunityBio announced an up to $320M royalty financing and equity investment in the company by Oberland Capital, with $210M of gross proceeds received at closing on December 29, 2023. The additional capital provides financial resources for the company 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. ImmunityBio’s commercialization efforts are in anticipation of potential FDA approval of Anktiva in combination with Bacillus Calmette-Guerin for the treatment of patients with BCG-unresponsive non-muscle invasive bladder cancer – NMIBC – with carcinoma in situ – CIS – with or without Ta or T1 disease. The company resubmitted its Biologics License Application to the FDA, and the FDA set a user fee goal date for the BLA resubmission of April 23, 2024. The investment from Oberland Capital takes the form of a $300M Revenue Interest Purchase Agreement that is non-dilutive to current investors, of which $200M was funded at closing, and $100M is to be funded contingent upon FDA approval of the company’s BLA for Anktiva. Oberland Capital will have a right to receive initially tiered single-digit royalty payments on net sales of the company’s products, which are capped at a multiple of their investment. In addition, the company has entered into a purchase agreement with Oberland Capital for the private placement of 2,432,894 shares issued at closing, representing $10M of gross proceeds based on the trailing 30-trading days VWAP. Oberland Capital has also an option to purchase an additional $10M of common stock at a future date.