Immunomedics Inc. closed a public offering of common shares, raising about $272 million in net proceeds.

The Morris Plains, N.J.-based company sold 16,428,572 shares for $17.50 each, including an extra 2,142,857 shares the offering's underwriters bought as part of their overallotment option.

Net proceeds will primarily be used to develop and commercialize the company's treatment for metastatic triple-negative breast cancer sacituzumab govitecan, which is under the U.S. Food and Drug Administration's review, Immunomedics said in a Dec. 9 press release.

Goldman Sachs & Co. LLC, BofA Securities, Cowen and Co. LLC and Jefferies LLC are acting as joint book-running managers for the offering.