ImmunoGen Inc. plans to sell 12 million common shares in an underwritten public offering.
The company also plans to grant the underwriters an option buy up to an additional 15% of the shares offered.
ImmunoGen plans to use the net proceeds from the offering, together with its existing capital, to fund research and development activities, clinical trial activities as well as manufacturing and supply of drug substance and drug products.
In addition, the company intends to use the funds for commercialization preparation, acquisitions of new technologies, operations, 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. Canaccord Genuity LLC is acting as lead manager, and H.C. Wainwright & Co. is acting as co-manager for the offering.
Waltham, Mass.-based ImmunoGen is a clinical-stage biotechnology company, which focuses on developing antibody-drug conjugate therapies to treat cancer.
