WALTHAM, Mass.--(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.
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive
Director, Investor Relations
and Corporate Communications
info@immunogen.com
Source: ImmunoGen, Inc.
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