Immunogen shares down 4% after company's plans for secondary offering
Shares of Immunogen Inc. fell more than 4% late Tuesday after the biotech company said it plans to offer and sell 12 million shares of its common stock in a public offering. Underwriters will be granted a 30-day option to buy up to an additional 15% of the shares, the company said. Plans for the proceeds include research and development activities, clinical trial activities, manufacturing, and commercialization preparation, the company said. J.P. Morgan Securities, Goldman Sachs, and Cowen and Co. are joint book-runners. Canaccord Genuity LLC is lead manager. Shares of Immunogen ended the regular trading session up 7.4%.
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