<SEC-DOCUMENT>0001193125-24-195007.txt : 20240910
<SEC-HEADER>0001193125-24-195007.hdr.sgml : 20240910
<ACCEPTANCE-DATETIME>20240806173057
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-195007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REPLIGEN CORP
		CENTRAL INDEX KEY:			0000730272
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				042729386
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		41 SEYON STREET
		STREET 2:		BUILDING 1, SUITE 100
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		7814499560

	MAIL ADDRESS:	
		STREET 1:		41 SEYON STREET
		STREET 2:		BUILDING 1, SUITE 100
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwin Procter LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Northern Ave.,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02110</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">goodwinlaw.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">+1 (617)
<FONT STYLE="white-space:nowrap">570-1000</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;6, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Life Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ms.&nbsp;Mary Mast </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Ibolya Ignat </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Repligen Corporation </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023
</B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed February&nbsp;22, 2024 </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-14656</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Mast and Ms.&nbsp;Ignat: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is submitted
on behalf of Repligen Corporation (the &#147;Company&#148;) in response to the comments of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) regarding
the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023 (File <FONT STYLE="white-space:nowrap">No.&nbsp;000-14656),</FONT> filed on February&nbsp;22, 2024 (the &#147;Form <FONT
STYLE="white-space:nowrap">10-K&#148;),</FONT> as set forth in the Staff&#146;s letter dated July&nbsp;24, 2024 (the &#147;Comment Letter&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
reference purposes, the text of the Comment Letter has been reproduced herein with responses below the numbered comment. For your convenience, we have italicized the Staff&#146;s comments from the Comment Letter. Unless otherwise indicated,
page&nbsp;references in the descriptions of the Staff&#146;s comments refer to the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> All capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Form <FONT
STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The responses provided herein are based upon information provided to Goodwin Procter LLP by the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>14. Convertible
Senior Notes, page 114 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your Convertible Notes are convertible at the option of the holder and that the make-whole
fundamental change provision may trigger an increase in the conversion rate. Please explain to us how you evaluated the Notes to determine whether each conversion feature was required to be bifurcated and accounted for as a derivative under ASC 815.
In your response, please specifically address whether each conversion option contingency meets the definition of a derivative and, if so, whether it qualifies for the scope exception for contracts involving an entity&#146;s own equity as set forth
in ASC 815- 10-15-74(a). Specifically address the steps in ASC</I> <I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7A</FONT></FONT></FONT> through
<FONT STYLE="white-space:nowrap">15-7H,</FONT> the conditions beginning in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-7,</FONT></FONT></FONT> and if the make-whole provision
violates the condition in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-39.</FONT></FONT></FONT> Please also revise your accounting policy disclosure accordingly in your future
filings.</I> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company notes that while the discussion below is focused on the 2023 Notes, the same analysis is applicable to the 2019 Notes which have equivalent terms.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company assessed the embedded conversion feature to determine if bifurcation from the 2023 Notes and derivative accounting pursuant to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-15-25-1</FONT></FONT></FONT> is required. As part of the analysis, the embedded conversion feature was assessed to determine if it meets the definition
of a derivative and qualifies for a derivative scope exception. This analysis included evaluating all contingent exercise provisions and settlement provisions of the 2023 Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2023 Notes may be converted in multiple different situations related to (i)&nbsp;trading price of the 2023 Notes, (ii)&nbsp;the Company&#146;s issuance of
certain securities or rights, (iii)&nbsp;upon the occurrence of defined corporate events (which includes a make-whole fundamental change), (iv) common stock price target trigger, (v)&nbsp;in connection with the Company&#146;s redemption option, and <FONT
STYLE="white-space:nowrap">(vi)&nbsp;non-contingently</FONT> after the free convertibility period. Because of the commonality of the underlying (i.e., settlement price is always based on the value of equity) irrespective of the triggering events
(and corresponding settlement provisions), the Company determined the conversion feature represents a single option with multiple exercise triggers. Thus, the conversion feature represents a single unit of analysis for accounting purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, if a holder converts upon a make-whole fundamental change (representing one of the defined corporate event exercise triggers described above) or
in connection with the Company&#146;s redemption option, the holder may be eligible to receive a make-whole premium through an increase to the conversion rate. The make-whole premium was designed to compensate the holder for lost
&#147;time-value&#148; of the conversion option (i.e., the difference between the conversion option&#146;s fair value and intrinsic value) by using a standard option pricing tool. There were no inputs to the construction of the make-whole table
other than standard, permitted option pricing inputs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed in further detail, the Company respectfully advises that the conversion feature meets
the scope exception to the derivative accounting guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-15-74(a)</FONT></FONT></FONT> and does not meet the bifurcation criteria in
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-15-25-1(c).</FONT></FONT></FONT> Therefore, the Company concluded that the conversion feature should not be accounted for as a derivative.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Accounting Analysis &#150; 2023 Notes </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company first concluded the conversion feature meets the definition of a derivative instrument consistent with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-15-83,</FONT></FONT></FONT>
as the feature has an underlying, notional or payment provision, no initial net investment and provide for net settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the scope exception
pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-15-74(a),</FONT></FONT></FONT> a reporting entity is not required to treat a contract issued or held by that reporting entity
as a derivative instrument if the contract is both (1)&nbsp;indexed to its own stock and (2)&nbsp;classified in stockholders&#146; equity in its statement of financial position. If the conversion feature qualifies for this derivative scope
exception, bifurcation and separate derivative accounting is not required. Both criteria are evaluated below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(1). Indexed to reporting entity&#146;s
common stock</B> &#150; ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7</FONT></FONT></FONT> requires that companies apply a <FONT STYLE="white-space:nowrap">two-step</FONT> approach
in evaluating whether an equity-linked financial instrument or embedded feature is indexed to its own stock. The first step requires an evaluation of the instrument&#146;s contingent exercise provisions, if any. The second step requires an
evaluation of the instrument&#146;s settlement provisions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Step 1: ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">815-40-15-7(a)</FONT></FONT></FONT> &#151; Evaluate the instrument&#146;s contingent exercise provisions, if any.</U> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7A,</FONT></FONT></FONT> an exercise contingency does not preclude an instrument (or embedded feature) from being considered indexed to
an entity&#146;s own stock if it is not based on either (a)&nbsp;an observable market, other than the market for the issuer&#146;s stock (if applicable) or (b)&nbsp;an observable index, other than an index calculated or measured solely by reference
to the issuer&#146;s own operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The conversion feature contains standard contingent exercise provisions, which include (i)&nbsp;trading price of the
2023 Notes, (ii)&nbsp;the Company&#146;s issuance of certain securities or rights, (iii)&nbsp;upon the occurrence of defined corporate events (which includes a make-whole fundamental change), (iv) common stock price target trigger (v)&nbsp;in
connection with the Company&#146;s redemption option, and (vi) non-contingently after the free convertibility period. The contingent exercise provisions of the 2023 Notes are not based on an observable market or index that is not based on the
Company&#146;s operations, and thus do not preclude the conversion feature from being indexed to the Company&#146;s own stock. Step 2 of the indexation guidance was next considered. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Step 2: ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7(b)</FONT></FONT></FONT>
&#151; Evaluate the instrument&#146;s settlement provisions.</U> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second step is evaluating whether the settlement provisions are consistent with a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-fixed</FONT></FONT> equity instrument (fixed conversion price). This includes evaluating the increase in the settlement provisions of the 2023 Notes under a make-whole
fundamental transaction. The 2023 Notes have the following settlement provisions whereby the conversion rate may be adjusted: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Anti-dilution adjustment provisions to the conversion rate; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Voluntary increase in the conversion rate; and </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Conversion rate adjustment upon occurrence of (i)&nbsp;a make-whole fundamental change or (ii)&nbsp;holder
conversion in relation to the exercise of the Company redemption option. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The settlement provisions were evaluated under ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7C</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">15-7H,</FONT> as summarized below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Anti-dilution provision.</I> The 2023 Notes include a standard anti-dilution provision that protects the holder&#146;s exposure to the risks arising from
certain events such as a stock split or a dividend. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7E</FONT></FONT></FONT> provides that adjustments to the conversion price as a
result of commercially reasonable anti-dilution provisions and other corporate events would not preclude the instrument from being indexed to an entity&#146;s own stock. The 2023 Notes include standard anti-dilution provisions that adjusts the
conversion price to offset the impact of the events noted above. Each of these adjustments are consistent with the guidance for equity accounting illustrated by Example 17 of ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-55.</FONT></FONT> As such, the anti-dilution provision meets the criterion in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">815-40-15-7E</FONT></FONT></FONT> and does not preclude the conversion feature from being considered indexed to the Company&#146;s own stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voluntary increase in the conversion rate.</I> The 2023 Notes include a provision whereby the Company may voluntarily increase the conversion rate at the
discretion of the Company&#146;s Board of Directors. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7H</FONT></FONT></FONT> provides that if an equity-linked financial instrument
includes terms that allow the issuer to modify the instrument at any time provided such modifications benefit the counterparty, then these terms do not preclude the instrument from being considered indexed to the entity&#146;s own stock. The
increase in the conversion rate benefits the 2023 Notes holder (i.e., counterparty) thus, the Company concluded that such provision does not preclude the conversion feature from being considered indexed to an entity&#146;s own stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Make-whole fundamental change premium.</I> The 2023 Notes include a make-whole provision that adjusts the
conversion rate upon the occurrence of a fundamental change or upon the exercise of the Company redemption option whereby the holder may be eligible to receive a make-whole premium through an increase to the conversion rate. The Company evaluated
the make-whole provision under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7C</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">15-8</FONT> to determine whether the
equity-linked feature can be considered indexed to the Company&#146;s own stock. Under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7D,</FONT></FONT></FONT> the make-whole feature
would still be considered indexed to the Company&#146;s own stock if the only variables that could affect the settlement amount would be inputs to the fair value of a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-fixed</FONT></FONT> forward or option on equity shares. Under ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7F,</FONT></FONT></FONT> the make-whole feature would not be considered indexed to the Company&#146;s own stock if its settlement amount is
affected by variables that are extraneous to the pricing of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-fixed</FONT></FONT> option or forward contract on equity shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The make-whole provision in the 2023 Notes adjusts the conversion rate to compensate the holders of the notes for lost time value as a result of an early
settlement. The number of additional shares is determined based on a table with axes of stock price and time, which would both be inputs in a fair value measurement for a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-fixed</FONT></FONT> option on equity shares. The make-whole table was designed such that the aggregate fair value of the consideration deliverable (including the cash paid
for principal and, at the Company&#146;s option, cash or shares delivered for the conversion premium, that is, the fair value of the underlying shares per bond plus the make-whole shares) would be expected to approximate the fair value of the
convertible debt instrument at the settlement date, subject to market changes in relevant option pricing inputs, assuming no change in relevant pricing inputs (other than stock price and time) since the instrument&#146;s inception. The make-whole
provision adjustment within the 2023 Notes is consistent with Example 19 in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-55-45</FONT></FONT></FONT> through 46 wherein it is concluded
that the adjustment to the settlement amount due to the make-whole adjustment does not preclude the conversion option from being deemed indexed to the Company&#146;s own stock. As a result, the provision for adjustments based on this make-whole
table does not preclude the conversion feature from being considered indexed to the Company&#146;s own stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the only variables that could affect the
settlement amount would be inputs to the fair value of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-for-fixed</FONT></FONT> forward or option on equity shares, the settlement adjustments, including the make-whole
feature, included in the 2023 Notes do not preclude the conversion feature from being considered indexed to the Company&#146;s own stock under ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-15-7D.</FONT></FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(2).</B>
<B>Classified in stockholders&#146; equity in its statement of financial position</B> &#150; The Company highlights that the principal (and accrued interest) balance of the 2023 Notes is only settled in cash, and the Company has the option to settle
the conversion feature in cash, common stock shares or a combination of the two (e.g., &#147;Instrument C&#146;&#146;, as defined within EITF Issue <FONT STYLE="white-space:nowrap">90-19.).</FONT> ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">815-40-25</FONT></FONT> states that to determine whether the embedded conversion feature would be classified in stockholders&#146; equity, the reporting entity must consider who controls the settlement and whether the
settlement will be in shares or cash. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-2</FONT></FONT></FONT> states that if the contract provides the entity with the choice of net cash
settlement or settlement in shares, the settlement in shares is assumed and contracts that require settlement in shares are equity instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
condition in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-39</FONT></FONT></FONT> states that guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">815-40-25-7</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">25-30</FONT> would not apply if the holder may only realize the value of the conversion option by exercising the option and receiving the entire
proceeds in a fixed number of shares or the equivalent amount of cash (at the discretion of the issuer). The 2023 Notes do not meet this exception because the principal portion of the 2023 Notes is settled in cash and the make-whole provision is
designed so that the holder of such notes would receive the approximate fair value of the notes at the settlement date and the Company has the option to settle the conversion option in cash, shares or a combination of the two. Therefore, the Company
assessed the additional provisions beginning in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-7</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">25-35</FONT> and
determined that all of the criteria have been met and, as such, the conversion option should be classified in stockholders&#146; equity under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25.</FONT></FONT> The
Company&#146;s analysis is outlined below with respect to key conditions of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25:</FONT></FONT> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There is no explicit requirement to settle the contract in cash; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company has sufficient authorized and unissued shares; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The 2023 Notes contain an explicit share limit; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There is no requirement to cash settle the contract if the Company fails to make timely filings with the SEC; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There is no cash-settled <FONT STYLE="white-space:nowrap">top-off</FONT> or make whole provision as described in
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-40-25-30.</FONT></FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the conversion feature is also deemed indexed to the Company&#146;s own stock, the scope exception available under ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-15-74</FONT></FONT></FONT> is met and bifurcation from the 2023 Notes is not required. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Accounting Analysis &#150; 2019 Notes </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
completed a similar accounting analysis with respect to convertible notes issued on July&nbsp;15, 2019 (&#147;2019 Notes&#148;), The Company assessed the embedded conversion feature to determine if bifurcation from the 2019 Notes and derivative
accounting pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-15-25-1</FONT></FONT></FONT> is required. As part of the analysis, the embedded conversion feature was assessed to
determine if it meets the definition of a derivative and qualifies for a derivative scope exception. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The conversion feature and settlement provisions of
the 2019 Notes are similar to those contained in the 2023 Notes. The 2019 Notes may be converted in multiple different situations related to (i)&nbsp;trading price of the 2019 Notes, (ii)&nbsp;the Company&#146;s issuance of certain securities or
rights, (iii)&nbsp;upon the occurrence of defined corporate events (which includes a make-whole fundamental change), (iv) common stock price target trigger, (v)&nbsp;in connection with the Company&#146;s redemption option, and <FONT
STYLE="white-space:nowrap">(vi)&nbsp;non-contingently</FONT> after the free convertibility period. The settlement provisions of the 2019 Notes include anti-dilution adjustment provisions to the conversion rate, voluntary increase in the conversion
rate and conversion rate adjustment upon occurrence of (i)&nbsp;a make-whole fundamental change or (ii)&nbsp;holder conversion in relation to the exercise of the Company redemption option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because the conversion feature and settlement provisions of the 2019 Notes are similar to those contained in the 2023 Notes, the analysis and overall
accounting conclusion for the 2019 Notes is the same as the 2023 Notes. The Company respectfully advises that the conversion feature meets the scope exception to the derivative accounting guidance in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-15-74(a)</FONT></FONT></FONT> and does not meet the bifurcation criteria in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-15-25-1(c).</FONT></FONT></FONT> Therefore, the Company concluded that the 2019 Notes&#146; conversion feature should not be accounted for as a
derivative. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company fully settled all outstanding 2019 Notes as of July&nbsp;17, 2024. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Revised Accounting Policy Disclosure in Future Filings </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our future filings, beginning with our Form 10-Q for the quarter ending September&nbsp;30, 2024, we will include the following accounting policy disclosure
in the &#147;Summary of Significant Accounting Policies&#148; footnote: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Convertible Instruments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>The Company evaluates the embedded conversion feature within its convertible debt instruments under ASC
<FONT STYLE="white-space:nowrap">815-15</FONT> and ASC <FONT STYLE="white-space:nowrap">815-40</FONT> to determine if the conversion feature meets the definition of a derivative and, if so, whether to bifurcate the conversion feature and account for
it as a separate derivative liability. Based on our analysis, our convertible notes do not have an embedded conversion feature requiring bifurcation under ASC <FONT STYLE="white-space:nowrap">815-15</FONT> and thus are accounted for as a single unit
of account, a liability under ASC 470. </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 6
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you should have any questions or comments with respect to the foregoing, please contact me at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">617-570-1762</FONT></FONT> or via <FONT STYLE="white-space:nowrap">e-mail</FONT> at jmercier@goodwinlaw.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jacqueline Mercier</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jacqueline Mercier</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Goodwin Procter LLP</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tony J. Hunt, Chief Executive Officer of Repligen </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Olivier Loeillot, President and Chief Commercial Officer of Repligen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jason K. Garland, Chief Financial Officer of Repligen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Marc Baumgartner, Controller at Repligen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Yasin Akbari, Goodwin Procter LLP </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
