ImmunoGen, Inc. Prices Public Offering of Common Stock
July 12 2012 - 8:05AM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN) announced today that it has
priced an underwritten public offering of 6.25 million shares of
its common stock at a price to the public of $16 per share. Gross
proceeds are expected to be approximately $100 million, before
deducting the underwriting discounts and commissions and offering
expenses payable by ImmunoGen. The offering is expected to close on
or about July 17, 2012, subject to satisfaction of customary
closing conditions. ImmunoGen has granted the underwriters a thirty
(30) day option to purchase up to 937,500 additional shares.
Morgan Stanley & Co. LLC and Jefferies & Company, Inc.
are acting as joint book-running managers for the offering and
Oppenheimer & Co. Inc., RBC Capital Markets, LLC, William Blair
& Company, LLC, Cowen and Company, LLC, and Summer Street
Research Partners are acting as co-managers.
The securities described above are being offered by ImmunoGen
pursuant to an automatically effective shelf registration statement
that was previously filed with 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, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
A preliminary prospectus supplement related to the offering was
filed with the SEC and is available on the SEC’s website located at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may be obtained,
when available, from Morgan Stanley & Co. LLC, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by
telephone at 866-718-1649, or by email at
prospectus@morganstanley.com and from Jefferies & Company,
Inc., Equity Syndicate Prospectus Department, 520 Madison Avenue,
12th Floor, New York, NY 10022, by telephone at 877-547-6340, or by
email at Prospectus_Department@Jefferies.com.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company’s expertise in tumor biology, monoclonal antibodies,
potent cancer-cell killing agents and engineered linkers. The
Company’s Targeted Antibody Payload (TAP) technology uses
monoclonal antibodies to deliver one of ImmunoGen’s proprietary
cancer cell-killing agents specifically to tumor cells. There are
now ten TAP compounds in clinical development, of which three are
wholly owned by ImmunoGen. ImmunoGen’s collaborative partners
include Amgen, Bayer HealthCare, Biotest, Lilly, Novartis, Roche
and Sanofi. The most advanced compound using ImmunoGen’s TAP
technology, trastuzumab emtansine (T-DM1), is in Phase III testing
through the Company’s collaboration with Genentech, a member of the
Roche Group.
This press release includes forward-looking statements,
including statements related to the completion and timing of the
public offering of securities by ImmunoGen and the expected gross
proceeds from the offering. 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
ImmunoGen’s Annual Report on Form 10-K for the fiscal year ended
June 30, 2011 and other reports filed with the Securities and
Exchange Commission. ImmunoGen undertakes no obligation to revise
or update any forward-looking statement to reflect events or
circumstances after the issuance of this press release.
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