ImmunoGen Prices Public Offering Of 11.63 Mln Shares At $6.60/shr

(RTTNews) - ImmunoGen Inc. (IMGN), a cancer treatment provider, on Thursday, announced the pricing of its upsized public offering of 11.63 million common shares at $6.60 per share.

In addition, the Massachusetts-headquartered company allowed certain investors in lieu of common stock, pre-funded warrants to purchase up to a total of 27.36 million shares at a price of $6.59 per share. This represents the per share price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant.

The biotechnology firm also granted the underwriters a 30-day option to purchase up to an additional 5.85 million shares at the public offering price. .

ImmunoGen expects total proceeds of $257.1 million from the offering, which is expected to close on or about December 6.

The company intends to use the proceeds to fund its operations, including, commercialization activities, clinical trial activities, supply of drug product, business development activities, capital expenditures, and working capital.