Immunomedics Inc. priced its public offering of common stock to raise about $276 million in gross proceeds.
The Morris Plains, N.J.-based biopharmaceutical company is issuing 11.5 million common shares at $24 apiece.
Immunomedics granted the underwriters an option to buy up to an additional 1,725,000 shares.
The company plans to use net proceeds from the offering for accelerating the clinical development program of sacituzumab govitecan for solid cancers, manufacturing process improvements, and for working capital and general corporate purposes.
The offering is expected to close June 15, subject to customary closing conditions.
Morgan Stanley, Cowen and Jefferies are acting as book-running managers, while Wells Fargo Securities is serving as lead manager for the offering.