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ImmunoGen raises $150.7M via common stock offering

ImmunoGen Inc. closed its underwritten public offering of 13.7 million common shares at $11 apiece with gross proceeds of about $150.7 million.

The company has also granted the underwriters an option to buy up to an additional 2,055,000 shares.

ImmunoGen plans to use the net proceeds, along with existing capital, to fund its operations, 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 served as joint book-running managers for the offering. Canaccord Genuity LLC acted as lead manager, while H.C. Wainwright & Co. served as co-manager for the offering.