Immunomedics Inc. closed an underwritten public offering of 11.5 million common shares priced at $24 each.
The Morris Plains, N.J.-based biopharmaceutical company is expecting net proceeds of about $260 million from the offering which will primarily be used to accelerate the development of its cancer treatment sacituzumab govitecan.
Morgan Stanley, Cowen and Jefferies acted as book-running managers for the offering while Wells Fargo Securities acted as lead manager.
DLA Piper LLP (US) and Goodwin Procter LLP acted as legal counsel for Immunomedics and for the underwriters, respectively.
Immunomedics is seeking U.S. Food and Drug Approval for sacituzumab govitecan for treating patients who have received at least two prior therapies for triple-negative breast cancer and whose disease has spread to other parts of the body.