Repligen Corp 8-K, filed Oct 30, 2026
Repligen Corp (RGEN)
8-K
2026-10-30
For: 2026-10-29
View Original
Added on
October 30, 2026
About this 8-K
Repligen Corp filed this 8-K on October 30, 2026, reporting on events of October 29, 2026.
Repligen Corporation announced $1.0 billion of 0.25% Convertible Senior Notes due 2031, comprising $541.4 million exchanged for $456.8 million of 2028 Notes and $458.6 million issued for cash; closing is expected on or about November 6, 2026. AI summary
Items reported
- Item 3.02: Unregistered sale of equity
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (781 ) 250-0111
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.02 Unregistered Sales of Equity Securities.
The Information set forth under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 8.01 Other Events.
On October 30, 2026, Repligen Corporation (the “Company”) issued a press release announcing the entry into privately negotiated exchange and/or subscription agreements (the “Exchange/Subscription Agreements”) with certain holders of its outstanding 1.00% Convertible Senior Notes due 2028 (the “2028 Notes”) and certain new investors, pursuant to which the Company will issue $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2031 (the “New Notes”). Approximately $541.4 million principal amount of the New Notes will be issued in exchange for approximately $456.8 million principal amount of 2028 Notes (the “Exchange Transactions”) and approximately $458.6 million principal amount of the New Notes will be issued for cash (the “Subscription Transactions”, and together with the Exchange Transactions, the “Transactions”). In each case, the New Notes will be issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The Company is relying on this exemption from registration based in part on representations made by the investors in the New Notes in the Exchange/Subscription Agreements, including representations that such investors are institutional “accredited investors” within the meaning of Rule 501 of Regulation D under the Securities Act and “qualified institutional buyers” as defined in Rule 144A promulgated under the Securities Act. Following the closing of the Transactions, which is expected to occur on or about November 6, 2026, subject to customary closing conditions, approximately $143.2 million in aggregate principal amount of 2028 Notes will remain outstanding with terms unchanged.
The Company estimates that the gross proceeds from the Subscription Transactions will be approximately $458.6 million, excluding fees payable to the placement agent for the Transactions and other offering expenses payable by Repligen. The Company intends to use approximately $120.0 million of the net proceeds from the Subscription Transactions to repurchase shares of its common stock from certain purchasers of the New Notes through a financial intermediary at a price per share of $188.64, which is equal to the last reported sale price of its common stock on October 29, 2026, in order to facilitate the Transactions. The Company intends to use the remainder of the net proceeds for working capital and general corporate purposes, including to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. The Company will not receive any cash proceeds from the Exchange Transactions.
In connection with the issuance of the New Notes, the Company has been advised that the placement agent for the Transactions intends to purchase approximately $30.0 million of the Company’s common stock from certain participants in the Transactions through a financial intermediary at a discount to the last reported sale price of the common stock on October 29, 2026.
Such concurrent repurchases by Repligen and purchases by the placement agent of Repligen’s common stock could increase (or reduce the size of any decrease in) the market price of Repligen’s common stock or the New Notes.
When issued:
•The New Notes will represent senior unsecured obligations of the Company and will mature on November 1, 2031, unless earlier converted, redeemed or repurchased.
•The New Notes will bear interest at a rate of 0.25% per year, starting from November 6, 2026. Interest on the New Notes will be payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2027. Additional interest, if any, will accrue on the Notes in the circumstances and at the rates provided in the indenture governing the New Notes.
•The New Notes will be convertible at the option of holders in certain circumstances and during certain periods into cash up to the aggregate principal amount of New Notes to be converted, and cash, shares of the Company’s common stock or a combination of cash and the Company’s common stock, at the Company’s election, with respect to the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of New Notes being converted. The initial conversion rate is 4.4176 shares of the Company’s common stock per $1,000 principal amount of New Notes, which is equivalent to an initial conversion price of approximately $226.37 per share, and will be subject to customary anti-dilution adjustments. This represents an approximately 20.0% conversion premium over the last reported sale price of the Company’s common stock on October 29, 2026.
•The Company may redeem for cash all or any portion (subject to the partial redemption limitation described below) of the New Notes, at its option, on a redemption date on or after November 6, 2029 and prior to the 21st scheduled trading day immediately preceding the maturity date at a redemption price of 100% of the principal
amount of the New Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption; provided that if the Company redeems less than all of the outstanding New Notes, at least $100.0 million aggregate principal amount of New Notes must be outstanding and not subject to redemption as of the relevant redemption notice date.
•In addition, subject to certain conditions, on a redemption date prior to the 21st scheduled trading day immediately preceding the maturity date, the Company may redeem for cash all, but not less than all, of the Notes at a redemption price of 100% of the principal amount of the New Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date, if the aggregate principal amount of the Notes that remains outstanding at such time is less than $100 million.
If the Company undergoes a “fundamental change” (as defined in the indenture governing the New Notes), subject to certain conditions and except as described in the indenture governing the New Notes, holders may require the Company to repurchase for cash all or part of their New Notes at a purchase price equal to 100% of the principal amount of the New Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if certain “make-whole fundamental changes” (as defined in the indenture governing the New Notes) occur or the Company calls all or a portion of the New Notes for redemption, the Company will, in certain circumstances, increase the conversion rate for any New Notes converted in connection with such make-whole fundamental change or any New Notes called for redemption that are converted during the related redemption period.
The New Notes and any of the Company’s common stock issuable upon conversion of the New Notes have not been registered under the Securities Act or under any state securities laws and may not be offered or sold without registration under, or an applicable exemption from, the registration requirements of the Securities Act and any applicable state securities laws. Initially, a maximum of 5,301,100 shares of the Company’s common stock may be issued upon conversion of the New Notes, based on the initial maximum conversion rate for the New Notes, which includes the maximum number of "additional shares" deliverable upon conversion of the New Notes in connection with certain “make-whole fundamental change” transactions or redemptions and is subject to customary anti-dilution adjustments.
A copy of the Form of Exchange/Subscription Agreement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Form of Exchange/Subscription Agreement is qualified in its entirety by reference to such exhibit. A copy of the press release announcing the Transactions is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
This Current Report on Form 8-K does not constitute an offer to sell, nor is it a solicitation of an offer to buy, the New Notes or the Company’s common stock, nor shall there be any sale of the New Notes or the Company’s common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description of Exhibit | ||||
| 99.1* | |||||
| 99.2* | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
* Filed herewith (unless otherwise noted as being furnished herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REPLIGEN CORPORATION | |||||||||||
| Date: | October 30, 2026 | By: | /s/ Olivier Loeillot | ||||||||
| Olivier Loeillot | |||||||||||
| President and Chief Executive Officer | |||||||||||
Exhibit 99.1
October 29, 2026
Repligen Corporation
41 Seyon Street, Bldg. 1, Suite 100
Waltham, MA 02453
Attention: Chief Financial Officer
Re: Exchange and/or Subscription for Repligen Corporation 0.25% Convertible Senior Notes due 2031
Ladies and Gentlemen:
Repligen Corporation, a Delaware corporation, (the “Company”), is offering a new series of its 0.25% Convertible Senior Notes due 2031 (the “New Notes”). The New Notes will be convertible into cash up to the aggregate principal amount of any New Notes issued, and cash, shares (“Underlying Shares”) of common stock of the Company, par value $0.01 per share (“Stock”), or a combination of cash and Underlying Shares, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of such converted New Notes, in accordance with the terms of the Indenture (as defined below).
The undersigned (the “Investor”), for itself and, on behalf of the accounts (if any) listed on (x) Exhibit A hereto, in the case of the Exchange (as defined below), for whom the Investor has been duly authorized to enter into the Exchange (each, including the Investor if it is listed on Exhibit A, an “Exchanging Holder”) and (y) Exhibit B hereto, in the case of the Subscription (as defined below), for whom the Investor has been duly authorized to enter into the Subscription (each, including the Investor if it is listed on Exhibit B, a “Subscriber”), may:
1.exchange 1.00% Convertible Senior Notes due 2028 (CUSIP 759916AD1 and ISIN: US759916AD17) of the Company (the “Old Notes”) for an amount of New Notes determined as set forth herein (the “Exchange”); and/or
2.subscribe for and purchase from the Company New Notes for cash (the “Subscription” and, the Exchange and/or the Subscription, as applicable, the “Notes Transactions”),
in each case, pursuant and subject to the terms and conditions set forth in this agreement (the “Exchange/Subscription Agreement” or this “Agreement”).
The Exchanging Holders and the Subscribers (including the Investor, as applicable) are referred to collectively as the “Purchasers,” and each Purchaser (other than the Investor) is referred to herein as an “Account.”
The Investor hereby confirms that this Agreement relates to participation by the Purchasers, taken together, in the:
Exchange only ☐ Subscription only ☐ Exchange and Subscription ☐
_____________________________________________________________________________________________
The Investor and each Account understands that the Notes Transactions are being made without registration under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction, and that the Notes Transactions are only being made to investors who are institutional “accredited investors” within the meaning of Rule 501 of Regulation D under the Securities Act that are also “qualified institutional buyers” (within the meaning of Rule 144A under the Securities Act) in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act. The Notes Transactions are described in, and are being made pursuant to, the Indenture relating to the New Notes (the “Indenture”) to be entered into as of the Closing Date (as defined below) between the Company and U.S. Bank Trust Company, National Association, as Trustee (the “New Notes Trustee”), substantially in the form of the draft Indenture provided to Investor, as supplemented by the Pricing Term Sheet, dated as of the date hereof (the “Pricing Term Sheet” and, together with the Indenture, the “Transaction Documents”).
In connection with the issuance of the New Notes, the Company expects to repurchase shares of its Stock from certain institutional investors (the “Share Repurchase”).
1.The Exchange. If the Investor and/or any other Exchanging Holders are participating in the Exchange, subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor and the other Exchanging Holders hereby deliver, assign and transfer to the Company all right, title and interest in the aggregate principal amount of Old Notes set forth in column 2 of Exhibit A hereto (such principal amount of Old Notes, the “Exchanged Old Notes”) in exchange for:
New Notes having an aggregate principal amount, for each Exchanging Holder, as set forth in column 3 of Exhibit A (such aggregate principal amount of New Notes, the “Exchanged New Notes”), and the Company agrees to issue such Exchanged New Notes to the Exchanging Holders in exchange for such Exchanged Old Notes. For the avoidance of doubt, Exchanged New Notes will be issued in denominations of $1,000 principal amount and integral multiples thereof, and the Company will not make any separate cash payment in respect of rounded amounts or interest, if any, accrued and unpaid to the Closing Date (as defined below) for the Exchanged Old Notes. Instead, such amounts will be deemed to be paid in full rather than cancelled, extinguished or forfeited upon exchange of the Exchanged Old Notes for the Exchanged New Notes. Subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor, on behalf of itself and each Exchanging Holder, hereby (a) waives any and all other rights with respect to such Exchanged Old Notes, and (b) releases and discharges the Company from any and all claims the Investor and each Exchanging Holder may now have, or may have in the future, arising out of, or related to, such Exchanged Old Notes.
2.The Subscription. If the Investor and/or any other Subscribers are participating in the Subscription, subject to the terms and conditions of this Exchange/Subscription Agreement, the Subscribers hereby agree to purchase from the Company, and the Company hereby agrees to sell and issue to the Subscribers, New Notes (the “Purchased New Notes”) having an aggregate principal amount, for each Subscriber, as set forth in column 2 of Exhibit B hereto, for an aggregate purchase price in cash in respect of such Purchased New Notes as set forth in column 3 of Exhibit B (such aggregate cash purchase price, the “Cash Purchase Price”). For the avoidance of doubt, such Cash Purchase Price shall not be adjusted for accrued interest if the Closing (as defined below) occurs after November 6, 2026.
3.The Closing. The closing of the Notes Transactions (the “Closing”) shall take place electronically at 10:00 AM, New York City time, on November 6, 2026, or at such other time and place as the Company may designate by notice to the Investor (the “Closing Date”); provided that the Closing Date cannot be later than November 13, 2026 without the prior written consent of the Investor.
4.Closing Mechanics.
a.The Depository Trust Company (“DTC”) will act as securities depositary for the New Notes.
b.At or prior to the times set forth in the Exchange/Subscription Procedures set forth in Exhibit C hereto (the “Exchange/Subscription Procedures”), the Investor, on behalf of itself and/or any other Account, shall:
(i)if participating in the Exchange only, deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to Wilmington Trust, National Association, in its capacity as trustee of the Old Notes (in such capacity, the “Old Notes Trustee”), for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures;
(ii)if participating in the Subscription only, transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures; and
(iii)if participating in both the Exchange and the Subscription:
A.deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to the Old Notes Trustee, for the
2
account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; and
B.transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures.
c.On the Closing Date, subject to satisfaction of the conditions precedent specified in Section 7 hereof, and (1) the prior receipt by the Old Notes Trustee from each Exchanging Holder of the Exchanged Old Notes, if the Investor and/or any other Exchanging Holder is participating in the Exchange only pursuant to clause (b)(i) above, (2) the prior receipt by the Company of the Cash Purchase Price from the Investor on behalf of each Subscriber, if such Subscriber is participating in the Subscription only pursuant to clause (b)(ii) above, and (3) the prior receipt by the Old Notes Trustee from each Purchaser of the Exchanged Old Notes to be submitted for exchange by such Purchaser and the prior receipt by the Company of the Cash Purchase Price from the Investor on behalf of each Purchaser, if such Purchaser is participating in both the Exchange and the Subscription pursuant to clause (b)(iii) above:
(i)the Company shall execute and deliver the Indenture, dated as of the Closing Date, between the Company and the New Notes Trustee; and
(ii)the Company shall execute, cause the New Notes Trustee to authenticate and cause to be delivered to the DTC account(s) specified by the Investor or the relevant Account in Exhibit D hereto, the Exchanged New Notes (if the Investor and/or any Exchanging Holder is participating in the Exchange) and/or the Purchased New Notes (if the Investor and/or any Subscriber is participating in the Subscription), as the case may be.
All questions as to the form of all documents and the validity and acceptance of the Old Notes and the New Notes will be determined by the Company, in its sole discretion, which determination shall be final and binding.
5.Representations and Warranties of the Company. The Company represents and warrants to the Investor (and each Account, as applicable) that:
a.Organization. The Company is duly organized and is validly existing under the laws of the State of Delaware.
b.Due Authorization. This Exchange/Subscription Agreement has been duly authorized, executed and delivered by the Company.
c.New Notes. The New Notes have been duly authorized by the Company and, when duly executed by the Company in accordance with the terms of the Indenture, assuming due authentication of the New Notes by the New Notes Trustee, upon delivery to the Investors in accordance with the terms of the Exchange and/or Subscription, as applicable, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) (collectively, the “Enforceability Exceptions”). A number of Underlying Shares equal to the product of (x) the aggregate principal amount of New Notes divided by $1,000, multiplied by (y) the conversion rate for the New Notes (assuming the maximum increase to such conversion rate for a conversion of the New Notes in connection with a “make-whole fundamental change” or a redemption of New Notes) (the “Maximum Number of Underlying Shares”) have been duly and validly authorized and reserved for issuance upon conversion of the New Notes in accordance with the terms of the New Notes by the Company and, when issued upon conversion of the New Notes in accordance with the terms of the New Notes and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the Maximum Number of Underlying Shares will not be subject to any preemptive, participation, rights of first refusal or similar rights. At or prior to the
3
Closing, a notice for the listing of additional shares covering the Maximum Number of Underlying Shares shall have been submitted to the Nasdaq Global Select Market.
d.Indenture. The Company has all requisite corporate power and authority to perform its obligations under the Indenture. The Indenture has been duly authorized by the Company, and will have been duly executed and delivered by the Company on or prior to the Closing. Assuming due authorization, execution and delivery by the New Notes Trustee thereto, the Indenture, upon execution and delivery thereof by the Company, will constitute the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions.
e.Exemption from Registration. Assuming the accuracy of the representations and warranties of the Investor and each other investor executing an Exchange/Subscription Agreement, (1) each of the issuance of the Exchanged New Notes in connection with the Exchange and/or the issuance of the Purchased New Notes in connection with the Subscription, as the case may be, pursuant to this Exchange/Subscription Agreement is exempt from the registration requirements of the Securities Act; and (2) the Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended.
f.New Class. The New Notes, when issued, will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended, or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i) under the Securities Act.
g.No Conflicts. The issuance of the New Notes pursuant to the Exchange/Subscription Agreements, the execution, delivery and performance, as applicable, by the Company of its obligations under the New Notes, the Indenture, and each Exchange/Subscription Agreement, and the consummation of the transactions contemplated hereby and thereby, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company or its subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational document of the Company or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory authority having jurisdiction over the properties or assets of the Company or any of its subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii), conflicts, breaches, violations, impositions or defaults that would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Company and its subsidiaries taken as a whole or a material adverse effect on the performance by the Company of its obligations under any Exchange/Subscription Agreement, the Old Notes Indenture, the Indenture or the New Notes or the consummation of any of the transactions contemplated hereby or thereby.
h.Share Repurchase. The Share Repurchase has been duly authorized by the Company.
i.Solvency. On each of the date hereof and immediately after giving effect to the Notes Transactions on the Closing Date, (A) the present fair market value (or present fair saleable value) of the total assets of Company is not less than the total amount required to pay the probable total liabilities (including contingent liabilities) of the Company as they mature and become absolute, (B) the capital of the Company is adequate to conduct its business and to enter into the Exchange, (C) the Company has the ability to pay its debts and obligations as such debts mature, and (D) the Company is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code)).
4
6.Representations and Warranties of the Investor. The Investor hereby represents and warrants to and covenants with the Company, on behalf of itself and each Account, as applicable, that:
a.The Investor is a corporation, limited partnership, limited liability company or other entity, as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable.
b.If the Investor is participating in the Exchange, the Investor has all requisite corporate, limited partnership, limited liability company or other applicable entity power and authority to deliver, assign and transfer the Exchanged Old Notes in exchange for the Exchanged New Notes pursuant to this Agreement and to enter into this Exchange/Subscription Agreement and perform all obligations required to be performed by the Investor hereunder. This Agreement, when executed and delivered, has been duly authorized, executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor and each Account, enforceable in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions. If the Investor is executing this Exchange/Subscription Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Exchange/Subscription Agreement on behalf of, and, bind, each Account to the terms of this Agreement, (ii) Exhibit A hereto is a true, correct and complete list of (A) the name of each Exchanging Holder, and (B) the principal amount of each Exchanging Holder’s Exchanged Old Notes and (iii) Exhibit B hereto is a true, correct and complete list of the name of each Subscriber and the aggregate principal amount of Purchased New Notes each such Subscriber agrees to purchase hereunder.
c.Each Exchanging Holder participating in the Exchange is the current beneficial owner of the Exchanged Old Notes. When the Exchanged Old Notes are exchanged, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, encumbrances, adverse claims, rights or proxies.
d.Participation in the Notes Transactions will not contravene (1) any law, rule, regulation or governmental or judicial decrees, injunctions or orders binding on the Investor or any Account or any investment guideline or restriction applicable to the Investor (or, if applicable, any Account), (2) the charter or bylaws (or equivalent organizational documents) of the Investor (or, if applicable, any Account) or (3) any agreement or instrument to which the Investor or any Account is a party or by which the Investor or any Account or any of their respective assets are bound.
e.The Investor (or applicable Account) is a resident of the jurisdiction set forth in Exhibit D and, unless otherwise set out in Exhibit A or Exhibit B hereto, as applicable, is not acquiring the Exchanged New Notes or the Purchased New Notes as a nominee or agent or otherwise for any other person.
f.The Investor and each Account will comply with all applicable laws and regulations in effect in any jurisdiction in which the Investor or such Account purchases or acquires pursuant to the Exchange or Subscription, as the case may be, or sells New Notes and will obtain any consent, approval or permission required for such purchases, acquisitions or sales under the laws and regulations of any jurisdiction to which the Investor or such Account is subject or in which the Investor or such Account makes such purchases, acquisitions or sales, and the Company shall not have any responsibility therefor.
g.The Investor and each Account has received a copy of the Transaction Documents. The Investor acknowledges that: (1) no person has been authorized to give any information or to make any representation concerning the Notes Transactions or the Company or any of its subsidiaries, other than as contained in this Agreement or the Transaction Documents or in the information given by the Company’s duly authorized officers and employees in connection with the Investor’s examination of the Company and its subsidiaries and the terms of the Notes Transactions; and (2) the Company and its subsidiaries do not take any responsibility for, and cannot provide any assurance as to the reliability of, any other information that may have been provided to the Investor. The Investor, on behalf of itself and each Account, hereby acknowledges that J. Wood Capital Advisors LLC (the “Placement Agent”) does not take any responsibility for, and can
5
provide no assurance as to the reliability of, the information set forth in the Transaction Documents or any such other information provided or deemed provided to the Investor or any Account by the Company.
h.The Investor and each Account understands and accepts that acquiring the New Notes in the Notes Transactions involves risks. The Investor and each Account is a sophisticated participant in the transactions contemplated hereby, has such knowledge, skill and experience in business, financial and investment matters as to be capable of evaluating the merits and risks of the Notes Transactions and an investment in the New Notes, is experienced in investing in capital markets and is able to bear the economic risk of an investment in the New Notes. The Investor and each Account is familiar with the business and financial condition and operations of the Company and its subsidiaries and has conducted its own investigation of the Company and its subsidiaries and the New Notes and has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby. With the assistance of its own professional advisors (to the extent the Investor and each Account has deemed appropriate), the Investor and each Account has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the New Notes and the consequences of the Notes Transactions and this Agreement. The Investor and each Account has considered the suitability of the New Notes as an investment in light of its own circumstances and financial condition, and the Investor is and each Account is able to bear the risks associated with an investment in the New Notes. The Investor and each Account has had access to the Company’s filings with the Securities and Exchange Commission and such other information concerning the Company and its subsidiaries and the New Notes as it deems necessary to enable it to make an informed investment decision concerning the Notes Transactions. The Investor and each Account has been offered the opportunity to ask questions of the Company and its representatives and has received answers thereto as the Investor or such Account deems necessary to enable it to make an informed investment decision concerning the Notes Transactions and the New Notes. The Investor and each Account understands that it should consult with its own tax advisors in order to determine the U.S. federal, state and local tax consequences of the Exchange (if participating in the Exchange) as well as the ownership and disposition of the New Notes or Underlying Shares, in light of the Investor's and each Account's particular circumstances.
i.The Investor confirms that neither it nor any Account is relying on any communication (written or oral) of the Company or the Placement Agent or any of their respective agents or affiliates as investment advice or as a recommendation to participate in the Notes Transactions and receive the New Notes pursuant to the terms hereof. The Investor confirms that it has reviewed, on behalf of itself and each Account, the Indenture relating to the New Notes and has not relied on any statement (written or oral) of the Company, the Placement Agent or any of their respective affiliates as to the terms of the New Notes. It is understood that information provided in the Transaction Documents, or by the Company or the Placement Agent or any of their respective agents or affiliates, shall not be considered investment advice or a recommendation with respect to the Notes Transactions, and that none of the Company, the Placement Agent or any of their respective agents or affiliates is acting or has acted as an advisor to the Investor or any Account in deciding whether to participate in the Notes Transactions.
j.The Investor confirms, for itself and for each Account, that neither the Company nor the Placement Agent has (1) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes; or (2) made any representation to the Investor regarding the legality of an investment in the New Notes under applicable investment guidelines, laws or regulations. In deciding to participate in the Notes Transactions, neither the Investor nor any Account is relying on the advice or recommendations of the Company or the Placement Agent, and the Investor and each Account has made its own independent decision that the investment in the New Notes is suitable and appropriate for the Investor or such Account.
k.[Reserved].
6
l.The Investor and each Account understands that no federal, state, local or foreign agency has passed upon the merits or risks of the Exchange or an investment in the New Notes or made any finding or determination concerning the fairness or advisability of the Exchange or any investment in the New Notes.
m.The Investor and each Account is an institutional “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act as well as a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor, for itself and on behalf of each Account, agrees to furnish any additional information reasonably requested by the Company or any of their affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Notes Transactions.
n.The Investor and each Account is not directly, or indirectly through one or more intermediaries, controlling or controlled by, or under direct or indirect common control with, the Company and is not, and has not been for the immediately preceding three months, an “affiliate” (within the meaning of Rule 144 under the Securities Act) of the Company.
o.The Investor and each Account is acquiring the New Notes solely for the Investor’s or such Account’s own beneficial account, or for an account with respect to which the Investor or such Account exercises sole investment discretion, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the New Notes. The Investor and each Account understands that the offer and sale of the New Notes have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof that depend in part upon the investment intent of the Investor or each Account and the accuracy of the other representations made by the Investor and each Account in this Agreement.
p.The Investor and each Account acknowledges that neither the New Notes nor the Underlying Shares have been registered under the Securities Act. As a result, the New Notes, and if converted to Underlying Shares, the Underlying Shares, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as described in the Indenture (including, but not limited to, Section 2.05 thereof), and the Investor, for itself and on behalf of each Account, hereby agrees that neither it nor any Account will sell the New Notes nor the Underlying Shares other than in compliance with such transfer restrictions. Further, the Investor and each Account acknowledges that the New Notes and, if converted into Underlying Shares, the Underlying Shares will carry a restrictive legend and will be designated with a restricted CUSIP number until such time as the restrictive legend can be removed.
q.The Investor and each Account understands that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether the Investor’s and such Account’s participation in the Notes Transactions meets the requirements for the exemptions referenced in clause (p) above. In addition, the Investor and each Account acknowledges and agrees that any hedging transactions engaged in by the Investor or such Account after such Investor or Account was wall crossed and prior to the Closing in connection with the issuance and sale of the New Notes have been and will be conducted in compliance with the Securities Act and the rules and regulations promulgated thereunder.
r.The Investor and each Account acknowledges that the terms of the Notes Transactions have been mutually negotiated between the Investor (for itself and on behalf of each Account), and the Company. The Investor acknowledges that it and each Account was given a meaningful opportunity to negotiate the terms of the Notes Transactions on behalf of itself and each Account.
s.The Investor and each Account acknowledges the Company intends to pay an advisory fee to the Placement Agent.
t.The Investor will, for itself and on behalf of each Account, upon request, execute and deliver any additional documents, information or certifications reasonably requested by the Company, the Old Notes Trustee or the New Notes Trustee to complete the Notes Transactions.
7
u.The Investor and each Account understands that, unless the Investor notifies the Company in writing to the contrary prior to the Closing, each of the Investor’s representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the Investor.
v.The participation in the Notes Transactions by any Exchanging Holder was not conditioned by the Company on such Exchanging Holders’ exchange of a minimum principal amount of Exchanged Old Notes. No Subscriber’s participation in the Notes Transactions was conditioned upon a minimum aggregate principal amount of New Notes issued for cash in the Subscription.
w.The Investor acknowledges that it and each Account had a sufficient amount of time to consider whether to participate in the Notes Transactions and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Account to respond to the opportunity to participate in the Notes Transactions. The Investor acknowledges that neither it nor any Account became aware of the Notes Transactions through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act.
x.The operations of the Investor and each Account have been conducted in material compliance with the rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”), the rules and regulations of the Foreign Corrupt Practices Act (“FCPA”) and the Anti-Money Laundering (“AML”) rules in the Bank Secrecy Act applicable to the Investor. The Investor has performed due diligence necessary to reasonably determine that its (or, where applicable, any Account’s) beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC (“Sanctions”), are not otherwise the subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations.
y.The Investor and each Account acknowledges and agrees that the Placement Agent has not acted as a financial advisor or fiduciary to the Investor or such Account and that the Placement Agent and its respective directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not made, any independent investigation of the information contained herein or in the Company’s Securities and Exchange Commission filings and make no representation or warranty to the Investor or such Account, express or implied, with respect to the Company or the Notes Transactions or the accuracy, completeness or adequacy of the information provided to the Investor or the Account or any other publicly available information, nor will any of the foregoing persons be liable for any loss or damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or such Account.
z.The Investor and each Account acknowledges and agrees that no public market exists for the New Notes and that there is no assurance that a public market will ever develop for the New Notes.
7.Conditions to Obligations of the Investor and the Company. The obligations of the Investor to deliver, or to cause the Accounts to deliver, the Exchanged Old Notes (if applicable) and the Cash Purchase Price (if applicable) and of the Company to deliver the New Notes are subject to the satisfaction at or prior to the Closing of the condition precedent that the representations and warranties of the Company on the one hand, and of the Investor on the other contained in Sections 5 and 6, respectively, shall be true and correct as of the Closing in all material respects with the same effect as though such representations and warranties had been made as of the Closing.
8.Covenant and Acknowledgment of the Company. The Company hereby agrees to publicly disclose at or prior to 9:00 a.m., New York City time (the “Release Time”), on the first business day after the date hereof, the Notes Transactions as contemplated by this Exchange/Subscription Agreement in a press release and/or through the filing of a Current Report on Form 8-K. The Company hereby acknowledges and agrees that as of the Release Time the Company will disclose all confidential information to the extent the Company believes such confidential information constitutes material non-public information, if any, with respect to
8
the Notes Transactions or that was otherwise communicated by the Company to the Investor or any Account in connection with the Notes Transactions. For the avoidance of doubt, the Company may be aware of material non-public information regarding the Company at the time of Closing that has not been communicated to the Investor or any Account. The Company will, no later than the first business day following the Closing, file a Current Report on Form 8-K publicly disclosing the closing of the Notes Transactions as contemplated by this Exchange/Subscription Agreement.
9.Covenant of the Investor. No later than one (1) business day after the date hereof, the Investor agrees to deliver settlement instructions for each Purchaser to the Company substantially in the form of Exhibit D hereto.
10.Waiver, Amendment. Neither this Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.
11.Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Investor without the prior written consent of the other party.
12.Withholding; Required Tax Forms. Each Exchanging Holder shall deliver to the Company, at least one (1) business day prior to the Closing, an accurately completed and duly executed IRS Form W-9 or IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable (or any successor form). Each Exchanging Holder acknowledges that, if such Exchanging Holder (i) is a “United States person” (as defined in Section 7701(a) of the Internal Revenue Code of 1986, as amended (the “Code”)), then the Company must be provided with a correct taxpayer identification number (generally, a person’s social security number or federal employer identification number) or (ii) is not a “United States person” (as defined in Section 7701(a) of the Code) (a “Non-U.S. Holder”), then the Company must be provided with an accurately completed and duly executed IRS Form W-8BEN, W-8BEN-E, W-8IMY, or W-8ECI, as applicable (or any successor form), establishing an exemption from or a reduction in U.S. federal withholding. Each Exchanging Holder further acknowledges that such Exchanging Holder may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding on certain payments or deliveries made to such Exchanging Holder unless such Exchanging Holder properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. Without limiting the generality of the foregoing, each Exchanging Holder hereby represents that it is able to receive any consideration payable hereunder (including any amounts attributable to accrued and unpaid interest) without any U.S. federal withholding tax and is entitled to provide U.S. tax forms and required attachments indicating the same (including, where relevant, any certifications indicating that such Exchanging Holder fulfills the requirements of “portfolio interest exemption” as indicated in Exhibit E) and agrees to hold the Company and its agents harmless for the breach of such representation. Any forms required to be delivered to the Company pursuant to this Section 12 shall be delivered in accordance with Section 20; provided that such communication shall be made via electronic mail.
13.Waiver of Jury Trial. EACH OF THE COMPANY AND THE INVESTOR (FOR ITSELF AND, IF APPLICABLE, ON BEHALF OF EACH ACCOUNT) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE/SUBSCRIPTION AGREEMENT.
14.Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.
15.Submission to Jurisdiction; Venue. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York; (b) irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of
9
any such suit, action or proceeding in any such court, including any defense of an inconvenient forum to the maintenance of such action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
16.[Reserved].
17.Service of Process. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably consents to service of process in the manner provided for notices in Section 20. Nothing in this Exchange/Subscription Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
18.Section and Other Headings. The section and other headings contained in this Exchange/Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Exchange/Subscription Agreement.
19.Counterparts. This Agreement may be executed, either manually or by way of a digital signature provided by DocuSign (or similar digital signature provider), by one or more of the parties hereto in any number of separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Exchange/Subscription Agreement (whether executed manually or by way of a digital signature as described herein this Section 19) by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof.
20.Notices. All notices and other communications to the Company provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses or pursuant to the following email addresses, or, in the case of the Investor or any Account, the address provided in Exhibit D (or such other address as either party shall have specified by notice in writing to the other):
| If to the Company: | Repligen Corporation | |||||||
41 Seyon Street, Bldg. 1, Suite 100 Waltham, MA 02453 | ||||||||
Attn: Chief Financial Officer and General Counsel Email: JGarland@Repligen.com and gescott@Repligen.com with a copy to JBarri@Goodwinlaw.com | ||||||||
21.Binding Effect. The provisions of this Exchange/Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.
22.Notification of Changes. The Investor (for itself and, if applicable, on behalf of each Account) hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the Closing that would cause any representation, warranty, or covenant of the Investor (and/or such Account) contained in this Agreement to be false or incorrect in any material respect.
23.Reliance by Placement Agent. The Placement Agent may rely on each representation and warranty of the Company and the Investor made herein or pursuant to the terms hereof (including, without limitation, in any officer’s certificate delivered pursuant to the terms hereof) with the same force and effect as if such representation or warranty were made directly to the Placement Agent. The Placement Agent shall be a third party beneficiary to this Exchange/Subscription Agreement to the extent provided in this Section 23.
24.Severability. If any term or provision (in whole or in part) of this Exchange/Subscription Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not
10
affect any other term or provision of this Exchange/Subscription Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.
[Signature Pages Follow]
11
IN WITNESS WHEREOF, the Investor (for itself and, if applicable, on behalf of each Account) has executed this Exchange/Subscription Agreement as of the date first written above.
Legal Name of Executing Investor: | ||||||||
| By | ||||||||
| Name: | ||||||||
| Title: | ||||||||
| Legal Name: | ||||||||
[Signature Page to Exchange/Subscription Agreement]
ACCEPTED AND AGREED:
| Repligen Corporation | |||||
By | |||||
Name: | |||||
Title: | |||||
[Signature Page to Exchange/Subscription Agreement]
EXHIBIT A: FOR THE EXCHANGE
Name of Exchanging Holder (i.e., Beneficial Owner) | Aggregate Principal Amount of Exchanged Old Notes | Aggregate Principal Amount of Exchanged New Notes | ||||||
| $ | $ | |||||||
| Total: | $ | $ | ||||||
EXHIBIT B: FOR THE SUBSCRIPTION
Participating Accounts, Allocation of Aggregate Principal Amount of Purchased New Notes and Cash Purchase Price:
Name of Subscriber | Purchased New Notes | Cash Purchase Price | ||||||
| $ | $ | |||||||
| Total: | $ | $ | ||||||
EXHIBIT C TO THE EXCHANGE/SUBSCRIPTION AGREEMENT
NOTICE OF EXCHANGE/SUBSCRIPTION PROCEDURES
Attached are Exchange/Subscription Procedures for the settlement of the exchange and/or subscription for Repligen Corporation (the “Company”) 0.25% Convertible Senior Notes due 2031 (the “New Notes”) pursuant to the Exchange/Subscription Agreement, dated as of October 29, 2026, between you and the Company which is expected to occur on or about November 6, 2026. To ensure timely settlement, please follow the instructions for exchanging your Repligen Corporation’s 1.00% Convertible Senior Notes due 2028 (the “Old Notes”) (if applicable) and/or subscribing for New Notes (if applicable) as set forth on the following page.
These instructions supersede any prior instructions you received. Your failure to comply with the attached instructions may delay your receipt of the New Notes.
If you have any questions, please contact Manny Sibia at (510) 862-6204.
Thank you.
OPTION A – EXCHANGING OLD NOTES FOR NEW NOTES ONLY | ||
| Delivery of Old Notes | ||
You must direct the eligible DTC participant through which you hold a beneficial interest in the Old Notes to post on November 6, 2026, no later than 9:00 a.m., New York City time, one-sided withdrawal instructions through DTC via DWAC, the aggregate principal amount1 of Exchanged Old Notes (CUSIP 759916AD1 /ISIN: US759916AD17) set forth in column 2 of Exhibit A (“Aggregate Principal Amount of Exchanged Old Notes”) of the Exchange/Subscription Agreement. It is important that this instruction be submitted and the DWAC posted on November 6, 2026, no later than 9:00 a.m., New York City time. | ||
| To receive New Notes | ||
You must direct your eligible DTC participant through which you wish to hold a beneficial interest in the New Notes to post and accept on November [6], 2026, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC for the aggregate principal amount2 of Exchanged New Notes (CUSIP/ISIN #: 759916 AE9 / US759916AE99) set forth in column 3 of Exhibit A (“Aggregate Principal Amount of Exchanged New Notes”) of the Exchange/Subscription Agreement. | ||
| It is important that this instruction be submitted and the DWAC posted on November 6, 2026, no later than 9:00 a.m., New York City time. You must complete BOTH steps described above in order to complete the exchange of Old Notes for New Notes. | ||
1 Note that the DWAC instruction should specify the principal amount, not the number, of Exchanged Old Notes.
2 Note that the DWAC instruction should specify the principal amount, not the number, of New Notes.
| OPTION B – PURCHASING NEW NOTES ONLY (WITHOUT AN EXCHANGE OF OLD NOTES) | ||
| To receive New Notes | ||
You must BOTH: | ||
1.Direct your eligible DTC participant through which you wish to hold a beneficial interest in the New Notes to post and accept on November 6, 2026, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC for the aggregate principal amount of New Notes (CUSIP/ISIN #: 759916 AE9 /US759916AE99) set forth in column 2 of Exhibit B (“Purchased New Notes”) of the Exchange/Subscription Agreement. It is important that this instruction be submitted and the DWAC posted on November 6, 2026, no later than 9:00 a.m., New York City time. | ||
| AND | ||
2.No later than 3:00 p.m., New York City time, on November 6, 2026, you must pay the Cash Purchase Price set forth in column 3 of Exhibit B3 (“Cash Purchase Price”) of the Exchange/Subscription Agreement by wire transfer in immediately available funds to the following account of the Company: | ||
| ABA Routing Number: [__] Beneficiary Account Name: [__] SWIFT Code: [__] Beneficiary Account Number: [__] | ||
3 The Cash Purchase Price is the amount of cash that you must wire to the Company in connection with your purchase of New Notes.
| OPTION C – EXCHANGING OLD NOTES FOR NEW NOTES AND PURCHASING NEW NOTES | ||
For that portion of New Notes being acquired by means of an exchange for Old Notes, you must follow the steps outlined in Option A above. | ||
For that portion of New Notes you are acquiring in addition to those acquired pursuant to Option A above, you must follow the steps outlined in Option B above. | ||
| SETTLEMENT | ||
| On November 6, 2026, after the Company receives your Old Notes (if applicable) and/or your Cash Purchase Price (if applicable) and your delivery instructions as set forth below, and subject to the satisfaction of the conditions to closing as set forth in your Exchange/Subscription Agreement, the Company will deliver your New Notes in accordance with the delivery instructions set forth above. | ||
EXHIBIT D TO THE EXCHANGE/SUBSCRIPTION AGREEMENT
Purchaser Settlement Details
These settlement instructions are to be delivered to the Company for each Purchaser no later than one (1) business day after the date of the Exchange/Subscription Agreement.
| Name of Purchaser: | |||||||||||
| Purchaser Address: | |||||||||||
| Telephone: | |||||||||||
| Email Address: | |||||||||||
| Country of Residence: | |||||||||||
| Taxpayer Identification Number: | |||||||||||
If Purchaser is an Exchanging Holder:
Exchanged Old Notes
| DTC Participant Number: | |||||||||||
| DTC Participant Name: | |||||||||||
| DTC Participant Phone Number: | |||||||||||
| DTC Participant Contact Email: | |||||||||||
| FFC Account #: | |||||||||||
| Account # at Bank/Broker: | |||||||||||
Exchanged New Notes (if different from Exchanged Old Notes)
| DTC Participant Number: | |||||||||||
| DTC Participant Name: | |||||||||||
| DTC Participant Phone Number: | |||||||||||
| DTC Participant Contact Email: | |||||||||||
| FFC Account #: | |||||||||||
| Account # at Bank/Broker: | |||||||||||
If Purchaser is a Subscriber:
DTC Participant Information for Delivery of Purchased New Notes
| DTC Participant Number: | |||||||||||
| DTC Participant Name: | |||||||||||
| DTC Participant Phone Number: | |||||||||||
| DTC Participant Contact Email: | |||||||||||
| FFC Account #: | |||||||||||
| Account # at Bank/Broker: | |||||||||||
EXHIBIT E TO THE EXCHANGE/SUBSCRIPTION AGREEMENT
Tax Matters
Backup Withholding Tax
Under U.S. federal income tax law, an Exchanging Holder generally must provide such Exchanging Holder’s correct taxpayer identification number (“TIN”) on IRS Form W-9 (attached hereto) or otherwise establish a basis for exemption from backup withholding. A TIN is generally an individual holder’s social security number or an Exchanging Holder’s employer identification number. If the correct TIN is not provided, the Exchanging Holder may be subject to penalties imposed by the IRS. In addition, certain payments made to holders may be subject to U.S. backup withholding tax (currently set at 24% of the payment). If an Exchanging Holder is required to provide a TIN but does not have a TIN, the Exchanging Holder should consult its tax advisor regarding how to obtain a TIN. Certain holders are not subject to these backup withholding and reporting requirements. A Non-U.S. Holder may be required to comply with certain certification procedures to establish that the holder is not a “United States person” (as defined in Section 7701(a) of the Code) in order to avoid backup withholding. U.S. backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against that holder’s U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. In certain circumstances, information returns may be filed with the IRS. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides. Exchanging Holders are urged to consult their tax advisors regarding how to complete the appropriate forms and to determine whether they are exempt from backup withholding or other withholding taxes.
Portfolio Interest Exemption (for Exchanging Holders That Are Not U.S. Persons for U.S. Federal Income Tax Purposes)
Under U.S. federal income tax law, an Exchanging Holder that is otherwise not eligible to provide an IRS Form W-9 must claim an exemption from U.S. withholding tax on payments or deliveries attributable to accrued and unpaid interest. Any Exchanging Holder that claims such an exemption under the so-called “portfolio interest exemption” is hereby deemed to represent and certify (along with providing the applicable IRS Form W-8BEN, W-8BEN-E or W-8IMY, together with required attachments) as set forth in Paragraph C below. However, if the Exchanging Holder is an intermediary, a foreign partnership or other flow-through entity, then the adjustments in Paragraphs A and B will be made:
A.The following representation will be provided as applied to the Exchanging Holder:
•record ownership under Clause 1 of Paragraph C below.
B.The following representations will be provided as applied to the partners, members or beneficial owners claiming the portfolio interest exemption:
•beneficial ownership under Clause 1 of Paragraph C below,
•the status in Clause 3 of Paragraph C below, and
•the status in Clause 4 of Paragraph C below.
C.The following representation will be provided as applied to the Exchanging Holder as well as the partners, members or beneficial owners claiming the portfolio interest exemption:
1.It is the sole record and beneficial owner of the Old Notes in respect of which it is providing this certification.
2.It is not a “bank” (within the meaning of Section 881(c)(3)(A) of the Code).
3.It is not a “10-percent shareholder” of the Company (within the meaning of Section 881(c)(3)(B) or Section 871(h)(3)(B) of the Code).
4.It is not a “controlled foreign corporation” (as such term is described in Section 881(c)(3)(C) of the Code) related to the Company (within the meaning of Section 864(d)(4) of the Code).
Exhibit 99.2
 | Repligen Corporation 41 Seyon Street Building #1, Suite 100 Waltham, Massachusetts 02453 | |||||||
WALTHAM, Mass., October 30, 2026 -- Repligen Corporation (NASDAQ:RGEN) (“Repligen”), today announced that it entered into privately negotiated exchange and/or subscription agreements with certain holders of its outstanding 1.00% Convertible Senior Notes due 2028 (the “2028 Notes”) and certain new investors, pursuant to which Repligen will issue $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2031 (the “New Notes”). Approximately $541.4 million principal amount of the New Notes will be issued in exchange for approximately $456.8 million principal amount of 2028 Notes (the “Exchange Transactions”) and approximately $458.6 million principal amount of the New Notes will be issued for cash (the “Subscription Transactions”, and together with the Exchange Transactions, the “Transactions”). The conversion price for the New Notes will initially be approximately $226.37 per share of Repligen’s common stock, which represents a conversion premium of approximately 20% over the closing price of Repligen’s common stock on October 29, 2026, subject to customary anti-dilution adjustments. Following the closing of the Transactions, which is expected to occur on or about November 6, 2026, subject to customary closing conditions, approximately $143.2 million in aggregate principal amount of 2028 Notes will remain outstanding with terms unchanged.
Repligen estimates that the gross proceeds from the Subscription Transactions will be approximately $458.6 million, excluding fees payable to the placement agent for the Transactions and other offering expenses payable by Repligen. Repligen intends to use approximately $120.0 million of the net proceeds from the Subscription Transactions to repurchase shares of its common stock from certain purchasers of the New Notes through a financial intermediary at a price per share of $188.64, which is equal to the last reported sale price of its common stock on October 29, 2026, in order to facilitate the Transactions. Repligen intends to use the remainder of the net proceeds for working capital and general corporate purposes, including to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. Repligen will not receive any cash proceeds from the Exchange Transactions.
Jason Garland, Chief Financial Officer of Repligen, commented, “These transactions proactively address the upcoming maturity of our 2028 Notes, extend our debt duration, reduce our interest expense, and enhance our financial flexibility. The reduced interest expense is expected to be nominally accretive to adjusted EPS in 2026, with additional benefit expected in 2027. By strengthening our capital structure, we have increased our capacity to support both organic investments and disciplined M&A activity to drive long-term value creation for shareholders. In the near-term, we are focused on the successful integration of BioLife, and we remain excited about our expanded capabilities to serve the cell therapy end-market.”
In connection with the issuance of the New Notes, Repligen has been advised that the placement agent for the Transactions intends to purchase approximately $30.0 million of Repligen’s common stock from certain participants in the Transactions through a financial intermediary at a discount to the last reported sale price of the common stock on October 29, 2026.
Such concurrent repurchases by Repligen and purchases by the placement agent of Repligen’s common stock could increase (or reduce the size of any decrease in) the market price of Repligen’s common stock or the New Notes.
Additional information regarding this announcement may be found in a Current Report on Form 8-K that Repligen intends to file today with the U.S. Securities and Exchange Commission (the “SEC”).
J. Wood Capital Advisors LLC acted as placement agent to Repligen in connection with the Transactions.
This press release does not constitute an offer to sell, nor is it a solicitation of an offer to buy, the New Notes or Repligen’s common stock, nor shall there be any sale of the New Notes or Repligen’s common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.
About Repligen Corporation
Repligen Corporation is a global bioprocessing company that develops and commercializes innovative technologies and integrated solutions that support critical steps in the manufacturing and delivery of biologic drugs that improve human health worldwide. As a trusted partner to biopharmaceutical developers and manufacturers and CDMOs worldwide, we help improve productivity, simplify complex workflows, and advance the next generation of biologic therapies. Repligen technologies support the production of a broad
1
range of biologic modalities, helping customers navigate evolving manufacturing challenges from process development through commercial production. Our global team combines deep scientific expertise, innovation, and a customer-focused mindset “inspiring advances in bioprocessing” to help solve complex challenges across biologics manufacturing. For more information, please visit our website at www.repligen.com, and follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding the closing of the Transactions, the purchase of Repligen’s common stock by Repligen and/or the placement agent for the Transactions, Repligen’s expectations regarding the expected net proceeds from the Subscription Transactions and the use of such proceeds and current or future financial performance and position, including our 2026 financial guidance and related assumptions; expected demand in the markets in which we operate; and the expected performance of our business and momentum across our portfolio, are based on management’s current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds; the risk that we have assumed that markets and franchises will improve and grow as predicted; our ability to achieve our 2026 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate BioLife, including its operations, products, systems and personnel, in a timely manner or at all, and to realize the expected benefits and synergies of the acquisition; the future performance of BioLife and the combined company, including the impact of the acquisition on our financial results and outlook; the risk of unanticipated costs, liabilities or disruptions to our or BioLife's business, customer, supplier or employee relationships resulting from the acquisition; our ability to successfully integrate any other acquired businesses and relevant personnel in a timely manner or at all, and to achieve the expected benefits of such acquisitions; the risk that demand for our products could decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing companies; risks around the Company’s effectiveness of disclosure controls and procedures and the effectiveness of our internal control over financial reporting; our compliance with all U.S. Food and Drug Administration and European Medicines Evaluation Agency regulations; our volatile stock price; the impact of tariffs on our business, and other risks and uncertainties detailed in Repligen’s filings with the U.S. Securities and Exchange Commission (the Commission), including our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequently filed reports with the Commission, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any subsequent filings made with the Commission, which are available at the Commission’s website at www.sec.gov. Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management’s current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Repligen Contact:
Jacob Johnson
VP, Investor Relations
(781) 419-0204
investors@repligen.com
2