By ImmunityBio’s Anticipated FDA Approval Sparks Investment Deal
ImmunityBio, a pharmaceutical company, announced that it has secured up to $320 million in financing and investment from Oberland Capital. The funding comes as the company prepares for the expected approval from the U.S. Food and Drug Administration (FDA) for its Anktiva drug in combination with Bacillus Calmette-Guérin. This treatment aims to help patients with BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ.
As part of the agreement, Oberland Capital has purchased a stake in ImmunityBio worth approximately $10 million. Additionally, they have the option to buy an additional $10 million of common stock in the future. To further support ImmunityBio’s growth plans, Oberland Capital has also agreed to a $300 million revenue interest purchase agreement, with $200 million already funded at closing. The remaining $100 million will be provided upon FDA approval of Anktiva. The deal was finalized on December 29th.
ImmunityBio’s Chief Executive, Richard Adcock, expressed his satisfaction with the transaction, stating, “This venture not only generates substantial capital for our company’s growth plans but also limits equity dilution and sets a cap on total payments tied to the initial investment.”
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