ImmunoGen Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
10 May 2023 - 6:01AM
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 closing of its previously announced
underwritten public offering of 29,900,000 shares of its common
stock, which reflects the exercise in full by the underwriters of
their option to purchase up to 3,900,000 additional shares of
common stock. The shares of common stock were sold at a price of
$12.50 per share before underwriting discounts and commissions. All
of the shares of common stock in the offering were sold by
ImmunoGen.
The total gross proceeds from the offering (before deducting the
underwriting discounts and offering expenses) were $373.8
million.
ImmunoGen intends to use the net proceeds from this offering to
fund its operations, including, but not limited to, global
commercialization activities, supply of ELAHERE® (mirvetuximab
soravtansine-gynx) drug product, clinical trial activities,
pipeline research and development activities, business development
activities, and capital expenditures.
Jefferies, Goldman Sachs & Co. LLC, and Guggenheim
Securities acted as joint book-running managers for the offering.
Canaccord Genuity acted as lead manager for the offering.
The securities described above were 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 final 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 the accompanying prospectus relating to
this offering may be obtained by contacting Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by e-mail at
prospectus_department@jefferies.com or by telephone at (877)
821-7388; Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, NY 10282, by phone at (866)
471-2526, or by email at prospectus-ny@ny.email.gs.com; 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 intended use of the net
proceeds from the public offering. 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
conducting and initiating clinical trials and the regulatory
approval process, and such other factors more fully described in
ImmunoGen's Annual Report on Form 10-K filed with the Securities
and Exchange Commission on March 1, 2023, ImmunoGen's Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission on April 28, 2023, and other reports filed with the
Securities and Exchange Commission. The forward-looking statements
in this press release speak only as of the date of this press
release. We undertake no obligation to update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230509005282/en/
INVESTOR RELATIONS ImmunoGen Anabel Chan 781-895-0600
anabel.chan@immunogen.com
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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