ImmunoGen Announces Pricing of Public Offering of Common Stock
October 05 2017 - 8:30PM
Business Wire
ImmunoGen, Inc. (NASDAQ: IMGN) today announced the pricing of an
underwritten public offering of 14,500,000 shares of its common
stock at a price of $6.50 per share, before underwriting discounts.
In addition, ImmunoGen has granted the underwriters a 30-day option
to purchase up to an additional 2,175,000 shares of common stock at
the public offering price, less the underwriting discount. All of
the shares in the offering are to be sold by ImmunoGen.
ImmunoGen anticipates the total gross proceeds from the offering
(before deducting the underwriting discounts and offering expenses)
will be approximately $94.3 million, excluding any exercise of the
underwriters’ option to purchase additional shares.
ImmunoGen anticipates using the net proceeds of the offering,
together with its existing capital, to fund its operations,
including, but not limited to, research and development activities,
clinical trial activities, manufacturing and supply of drug
substance and drug products, commercialization preparation,
acquisitions of new technologies, capital expenditures and working
capital.
Jefferies, Leerink Partners and RBC Capital Markets are acting
as joint book-running managers for the offering. Canaccord Genuity
is acting as sole co-manager for the offering. The offering is
expected to close on or about October 11, 2017, subject to
satisfaction of customary closing conditions.
The securities described above are being offered by ImmunoGen
pursuant to a shelf registration statement that was previously
filed with and declared effective by the Securities and Exchange
Commission (SEC). This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering was filed with the SEC and is available on
the SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus, when available, may be
obtained by contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY
10022 , or by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6132 or
by email at syndicate@leerink.com; or RBC Capital Markets, LLC, 200
Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity
Syndicate, or by telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com.
About ImmunoGen
ImmunoGen is a clinical-stage biotechnology company that
develops targeted cancer therapeutics using its proprietary
antibody-drug conjugate (ADC) technology. The Company’s lead
product candidate, mirvetuximab soravtansine, is in a Phase 3 trial
for FRα-positive platinum-resistant ovarian cancer, and is in a
Phase 1b/2 trial in combination regimens for earlier-stage disease.
ImmunoGen has three additional clinical-stage compounds, two of
which Jazz Pharmaceuticals has exclusive, worldwide rights to opt
into development and commercialization. ImmunoGen’s ADC technology
is also used in Roche’s marketed product, Kadcyla® and in programs
in development by Amgen, Bayer, Biotest, CytomX, Debiopharm, Lilly,
Novartis, Sanofi and Takeda.
Kadcyla® is a registered trademark of Genentech, a member of the
Roche Group.
This press release includes forward-looking statements,
including statements related to the proposed public offering of
securities by ImmunoGen, including statements about the completion
and timing of the public offering, the expected gross proceeds from
the offering and the anticipated use of the net proceeds of the
offering. For these statements, ImmunoGen claims the protection of
the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Various factors
could cause actual results to differ materially from those
discussed or implied in the forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of the date of this release.
Factors that could cause future results to differ materially from
such expectations include, but are not limited to: uncertainties
inherent in the initiation of future clinical trials and such other
factors more fully described in ImmunoGen’s transition report on
Form 10-K for the six-month period ended December 31, 2016 and
other reports filed with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20171005006454/en/
For InvestorsImmunoGen, Inc.Sarah Kiely,
781-895-0600sarah.kiely@immunogen.comorFor MediaImmunoGen,
Inc.Courtney O’Konek,
781-895-0158courtney.okonek@immunogen.comorFTI Consulting,
Inc.Robert Stanislaro,
212-850-5657robert.stanislaro@fticonsulting.com
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