ImmunoGen Announces Pricing of Upsized Public Offering of Common Stock
June 06 2018 - 08:59PM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer,
today announced the pricing of an upsized underwritten public
offering of 13,700,000 shares of its common stock at a price of
$11.00 per share, before underwriting discounts. In addition,
ImmunoGen has granted the underwriters a 30-day option to purchase
up to an additional 2,055,000 shares of common stock at the public
offering price, less the underwriting discount. The offering was
upsized from the previously announced offering size of 12,000,000
shares of common stock. 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 $150.7 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.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and
Cowen and Company, LLC are acting as joint book-running managers
for the offering. Canaccord Genuity LLC is acting as lead manager
and H.C. Wainwright & Co. is acting as co-manager for the
offering. The offering is expected to close on or about June 11,
2018, 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 the Securities and Exchange Commission (SEC) and became
effective upon filing. 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, may be obtained
by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone at (866) 803-9204, or by email at
prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, or by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; or Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department, or by calling (631)
274-2806.
ABOUT IMMUNOGENImmunoGen is developing the next
generation of antibody-drug conjugates (ADCs) to improve outcomes
for cancer patients. By generating targeted therapies with enhanced
anti-tumor activity and favorable tolerability profiles, we aim to
disrupt the progression of cancer and offer our patients more good
days. We call this our commitment to “target a better now.” Our
lead product candidate, mirvetuximab soravtansine, is in Phase 3
study for folate receptor alpha (FRα)-positive platinum-resistant
ovarian cancer, and in Phase 1b/2 testing in combination regimens.
Our novel IGN candidates for hematologic malignancies, IMGN779 and
IMGN632, are in Phase 1 studies.
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 Annual
Report on Form 10-K for the year ended December 31, 2017
and other reports filed with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20180606006481/en/
ImmunoGen, Inc.INVESTOR RELATIONS CONTACTSarah Kiely,
781-895-0600sarah.kiely@immunogen.comorMEDIA CONTACTCourtney
O’Konek, 781-895-0600courtney.okonek@immunogen.comorFTI
ConsultingRobert Stanislaro,
212-850-5657robert.stanislaro@fticonsulting.com
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