IMGN - ImmunoGen slips on $175M common stock offering

ImmunoGen (NASDAQ:IMGN) has lost ~6.0% in the post-market after the company announced an underwritten public offering of $175M worth of shares of its common stock. A 30-day option is also under consideration to allow underwriters to purchase an additional 15% of the shares of the common stock at the public offering price net of underwriting discounts and commissions. Jefferies, Cowen, and Guggenheim Securities act as joint book-running managers for the proposed offering. Canaccord Genuity is a lead manager. The offering is subject to market conditions and other conditions, the company said, adding that there is no assurance whether or when it will be completed or regarding the terms and actual size of the offering. On Monday, ImmunoGen (IMGN) announced positive topline data for mirvetuximab soravtansine (mirvetuximab) from a pivotal trial in ovarian cancer. In terms of current analyst ratings, the Bullish ratings on the stock outnumber the Neutral views.

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ImmunoGen slips on $175M common stock offering