ImmunoGen, Inc. Prices Public Offering of Common Stock
20 May 2011 - 11:00PM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN) announced today that it has
priced an underwritten public offering of 7,000,000 shares of its
common stock at a price to the public of $12.00 per share. Gross
proceeds are expected to be approximately $84.0 million, before
deducting the underwriting discounts and commissions and offering
expenses payable by ImmunoGen. The offering is expected to close on
or about May 25, 2011, subject to satisfaction of
customary closing conditions. ImmunoGen has granted the
underwriters a thirty (30) day option to purchase up to 1,050,000
additional shares to cover over-allotments, if any.
Jefferies & Company, Inc. is acting as the sole book-running
manager for the offering and Oppenheimer & Co. Inc., RBC
Capital Markets, LLC, William Blair & Company, LLC, Canaccord
Genuity Inc. and Morgan Joseph TriArtisan LLC are acting as
co-managers for the offering.
The securities described above are being offered by ImmunoGen
pursuant to an automatically effective shelf registration statement
that was previously filed with the Securities and Exchange
Commission. 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 related to the offering was
filed with the SEC and is available on the SEC's website located at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may be obtained,
when available, from Equity Syndicate Prospectus Department,
Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New
York, NY, 10022, by telephone at 877-547-6340, or by email at
Prospectus_Department@Jefferies.com
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company’s expertise in tumor biology, monoclonal antibodies,
potent cancer-cell killing agents and engineered linkers. The
Company’s Targeted Antibody Payload (TAP) technology uses
monoclonal antibodies to deliver one of ImmunoGen’s proprietary
cancer-cell killing agents specifically to tumor cells. There are
currently six TAP compounds in the clinic. ImmunoGen’s
collaborative partners include Amgen, Bayer HealthCare
Pharmaceuticals, Biotest, Genentech (a member of the Roche Group),
Novartis and Sanofi. The most advanced compound using ImmunoGen’s
TAP technology, trastuzumab emtansine (T-DM1), is in Phase III
testing through the Company’s collaboration with Genentech.
This press release includes forward-looking statements,
including statements related to the completion and timing of the
public offering by ImmunoGen and the expected gross proceeds from
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. It should be
noted that there are risks and uncertainties related to the public
offering. A review of these risks can be found in ImmunoGen’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2010
and other reports filed with the Securities and Exchange
Commission. ImmunoGen undertakes no obligation to revise or update
any forward-looking statement to reflect events or circumstances
after the issuance of this press release.
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