Adaptimmune Secures Up to $125 Million Debt Financing with Hercules Capital

Ropes & Gray advised Adaptimmune Therapeutics plc, a company redefining the treatment of solid tumor cancers with cell therapy, in a $125 million five-year, term loan facility with Hercules Capital, Inc. The transaction strengthens the Adaptimmune’s balance sheet as it executes on its sarcoma franchise with the commercial launch planned for 2026. The transaction was announced on May 15.

The term loan facility provides for up to $125 million of term loans in aggregate, available in up to five tranches. Upon closing of the transaction, the first tranche of $25 million was drawn. Under the terms of the agreement, Adaptimmune will be eligible to draw an additional tranche of $25 million upon afami-cel approval, and three additional tranches totaling $75 million over the medium-term subject to certain conditions.

The Ropes & Gray team was led by finance partner Alex Robb and finance counsel Ana Biloglav and included IP transactions partner David McIntosh, finance counsel Amy Olson and litigation & enforcement counsel Tom Jackson. The team also included finance associates Shabdita Gupta, Kahill Sarronwala and Facundo Nazur, tax associate Tim Waters, and tax senior attorney Ariella Mutchler.