WALTHAM, Mass. (AP) — Biotechnology company ImmunoGen Inc. said Monday underwriters exercised an option to buy an additional 750,000 common shares as part of a public offering.
On Thursday, the company priced a public offering of 5 million common shares at $7 apiece, with an overallotment option for 750,000 shares. The offering marked a discount of 10.5 percent from Wednesday's closing price of $7.82.
The proceeds are now expected to be about $38 million and will be used for general corporate purposes, which includes research and development.
The stock has traded between $2.47 and $8.50 over the past 52 weeks.
ADVERTISEMENT
The offering is still expected to close June 23. Oppenheimer & Co. Inc. is acting as the sole bookrunner for the offering.
Shares of ImmunoGen fell 12 cents to $7.45 in morning trading.