Health & Fitness
Health and Fitness
Health and Fitness
Fri, May 7, 2010
Thu, May 6, 2010 ImmunoGen, Inc. Prices Public Offering of Common Stock
WALTHAM, Mass.--([ BUSINESS WIRE ])--ImmunoGen, Inc. (Nasdaq: IMGN), a biopharmaceutical company that develops targeted anticancer therapeutics, announced today that it has priced a public offering of 9,000,000 shares of its common stock at a price of $8.00 per share. Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $67.4 million. ImmunoGen has granted the underwriters a thirty (30) day option to purchase up to 1,350,000 additional shares to cover over-allotments, if any. The offering is expected to close on or about May 12, 2010, subject to satisfaction of customary closing conditions.
J.P. Morgan Securities Inc. is acting as the sole book-runner for the offering and Oppenheimer & Co. Inc., RBC Capital Markets Corporation, Cantor Fitzgerald & Co. and Morgan Joseph & Co. Inc. are acting as co-managers.
The securities described above are being offered by ImmunoGen pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering. The offering may be made only by means of a prospectus, copies of which may be obtained, when available, from J.P. Morgan Securities Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at 1-866-803-9204.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using its expertise in cancer biology, monoclonal antibodies and the creation and attachment of potent cell-killing agents. The Companya™s Targeted Antibody Payload (TAP) technology uses antibodies to deliver one of ImmunoGena™s potent cell-killing agents specifically to tumor targets. In addition to the Companya™s product pipeline, compounds utilizing the TAP technology are in clinical testing through ImmunoGena™s collaborations with Genentech (a wholly owned member of the Roche Group), sanofi-aventis, Biogen Idec and Biotest. The most advanced compound, trastuzumab-DM1 (T-DM1), is in PhaseIII testing being conducted by Genentech/Roche. Other ImmunoGen collaborative partners include Bayer HealthCare and Amgen.
This press release includes forward-looking statements. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. It should be noted that there are risks and uncertainties related to the public offering. A review of these risks can be found in ImmunoGena™s Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and other reports filed with the Securities and Exchange Commission.
