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ImmunoGen prices common stock offering

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ImmunoGen prices common stock offering

ImmunoGen Inc. priced an underwritten public offering of 14.5 million common shares at $6.50 apiece.

The company expects gross proceeds of about $94.3 million.

The company granted underwriters a 30-day option to buy up to an additional 2,175,000 common shares at the offering price.

The offering is expected to close by Oct. 11, subject to customary closing conditions.

ImmunoGen plans to use net proceeds to help fund its operations, commercialization preparation, acquisitions of new technologies, capital expenditures and working capital.

Jefferies, Leerink Partners and RBC Capital Markets are acting as joint book-running managers for the offering, with Canaccord Genuity as sole co-manager.