ImmunoGen Inc. priced an upsized offering of 13.7 million common shares at $11 apiece to raise $150.7 million in gross proceeds.
The Waltham, Mass.-based biotechnology company also granted underwriters an option to buy up to an additional 2,055,000 shares.
ImmunoGen previously planned to issue 12 million common shares in the offering.
Closing is expected to occur June 11, subject to customary closing conditions.
The company will use the net proceeds to fund its operations, including research and development activities, clinical trial activities, manufacturing and supply of drug substance and drug products, as well as commercialization preparation, acquisitions of new technologies, capital expenditures and working capital.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC are acting as joint book-running managers for the offering, with Canaccord Genuity LLC as lead manager and H.C. Wainwright & Co. as co-manager.
