DLA Piper advises Iovance in the offering of US$172.5 million of shares of common stock
DLA Piper advised Iovance Biotherapeutics, Inc. (Iovance), a biotechnology company focused on innovating, developing and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, in the offering of US$172.5 million of shares of its common stock (which amount includes the exercise of the underwriters’ option), less discounts, commissions and expenses, in an underwritten public offering. All of the shares in the offering were sold by Iovance. Goldman Sachs & Co. LLC and Jefferies LLC were the joint lead book-running managers for the offering.
Iovance will use the proceeds from this offering to fund various projects, including: funding the commercial launch of lifileucel (if approved); continuing to prepare the Iovance Cell Therapy Center, the Company’s manufacturing facility in Philadelphia; support ongoing clinical programs including its NSCLC registration-directed study and its frontline advanced melanoma Phase 3 confirmatory trial; expand the combination of TIL and immune checkpoint inhibitors (ICIs) in ICI naïve patient cohorts; and various other purposes.
“We were pleased to advise Iovance on their public offering which will provide them with the ability to pursue a variety of projects critical to the company’s continued growth. On behalf of our deal team, it was a pleasure to bring together our life sciences experience and skillset to this transaction,” said Emilio Ragosa, the DLA Piper partner who led the deal team.
In addition to Ragosa (Short Hills), the DLA Piper deal team included corporate partner Patrick O’Malley (San Diego) and corporate associates Bianca LaCaille, Rebecca Paley-Williams and Sarah Cooper (Seattle), as well as FDA regulatory partners Bethany Hills (New York) and Christopher Mikson, M.D. (Philadelphia).