ImmunoGen Announces Proposed Public Offering of Common Stock
November 30 2021 - 4:01PM
Business Wire
ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer,
today announced that it intends to offer and sell, subject to
market and other conditions, $175 million of shares of its common
stock in an underwritten public offering. ImmunoGen also intends to
grant the underwriters a 30-day option to purchase up to an
additional fifteen percent (15%) of the number of shares of common
stock offered in the public offering at the public offering price,
less underwriting discounts and commissions. All of the shares of
common stock to be sold in the offering are to be offered by
ImmunoGen. There can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
ImmunoGen intends to use the net proceeds of the offering to
fund its operations, including, but not limited to,
commercialization activities, clinical trial activities, supply of
drug product, business development activities, capital
expenditures, and working capital.
Jefferies, Cowen, and Guggenheim Securities are acting as joint
book-running managers for the proposed offering. Canaccord Genuity
is acting as lead manager for the proposed offering.
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 will be filed with
the SEC and will be available on the SEC's website at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering, when available,
may also be obtained by contacting Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, by e-mail at prospectus_department@jefferies.com or
by telephone at (877) 821-7388; Cowen and Company, LLC c/o
Broadridge Financial Solutions, Attention: Prospectus Department,
1155 Long Island Avenue, Edgewood, NY,11717, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; or Guggenheim Securities, LLC, Attention: Equity
Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY
10017, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com or by telephone
at (212) 518-9544.
ABOUT IMMUNOGEN ImmunoGen 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™.
FORWARD-LOOKING STATEMENTS This press release includes
forward-looking statements, including statements related to the
proposed offering, including the timing and size of the offering
and the anticipated use of proceeds therefrom and the grant of the
option to purchase additional shares. 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: the uncertainties related to
market conditions, the satisfaction of customary closing conditions
related to the proposed public offering, and the completion of the
public offering on the anticipated terms or at all, 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, 2020 and other reports filed
with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20211130006063/en/
INVESTOR RELATIONS AND MEDIA ImmunoGen Courtney O'Konek
781-895-0600 courtney.okonek@immunogen.com
OR
FTI Consulting Robert Stanislaro 212-850-5657
robert.stanislaro@fticonsulting.com
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