ImmunoGen announces the price of the public offering plus ordinary shares
WALTHAM, Mass .– (COMMERCIAL THREAD) – ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced the price of a subscribed public offering of 11,636,364 common shares at a price of $ 6.60 per share, before rebates and subscription commissions, and to certain investors instead of common shares, pre-funded warrants to purchase up to a total of 27,363,636 shares of its common shares at a price of $ 6.59, which represents the price per share public offering price of the common shares less the exercise price of $ 0.01 per share for each of these pre-funded warrants. The offer is expected to close on or around December 6, 2021, subject to the satisfaction of customary closing conditions. ImmunoGen has also granted the underwriters a 30-day option to purchase up to 5,850,000 additional shares of its common shares at the public offering price, less underwriting discounts and commissions. All common shares and pre-funded warrants of the offering must be sold by ImmunoGen.
ImmunoGen expects the aggregate gross proceeds of the offering (before deducting any subscription discounts and estimated offering fees) to be $ 257.1 million, excluding any exercise of the underwriters’ option to purchase shares. additional.
ImmunoGen intends to use the net proceeds of the offering to finance its operations, including, but not limited to, marketing activities, clinical trials activities, pharmaceutical supply, activities development, capital expenditures and working capital.
Jefferies, Cowen and Guggenheim Securities are acting as co-book managers for the proposed offering. Canaccord Genuity is acting as lead manager for the proposed investment.
The securities described above are being offered by ImmunoGen in accordance with a prior registration statement which has been previously filed with the Securities and Exchange Commission (SEC) and became effective upon filing. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of such offering, and there will be no sale of such securities in any state or other jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or other jurisdiction. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the Final Prospectus Supplement and accompanying prospectus relating to this offering can be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by email at prospectus_department @ jefferies .com or by phone at (877) 821-7388; Cowen and Company, LLC c / o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by email at [email protected] or by phone at (833) 297-2926; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, or by email at [email protected] or by phone at (212) 518-9544.
ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with improved anti-tumor activity and favorable tolerance profiles, we aim to disrupt cancer progression and provide our patients with better days. We call it our commitment to TARGET A BETTER NOW ™.
This press release includes forward-looking statements, including statements relating to the timing and completion of the public offer and the satisfaction of customary closing conditions related to the public offer, the total expected gross proceeds of the offer and to the intended use of the proceeds. Various factors could cause actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements, which are only current as of the date of this press release. . Factors that could cause future results to differ materially from these expectations include, but are not limited to: uncertainties relating to market conditions and the satisfaction of customary conditions for closing the public offering, and the completion of the public offer on the terms or at all; uncertainties inherent in the initiation of future clinical trials and other factors more fully described in ImmunoGen’s annual report on Form 10-K for the fiscal year ended December 31, 2020 and other reports filed with the Securities and Exchange Commission.