ImmunoGen: Underwriters buy shares in offering

By The Associated Press

Monday, June 22, 2009

Get the latest product design news and headlines - Sign up now!

[-] Text [+]

Read/Post Comments

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.

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.

Click here to follow PD&D on Twitter

ALSO ON PD&D

RELATED TOPICS

Fitch downgrades TRW Automotive rating 6/30/2009

USDA: Ill. corn, soybean crops continue to improve 6/30/2009

Louisville newspaper sues over anti-litter law 6/30/2009

Wins Key Judgment on Behalf of Delaware-Based Caldera Properties LLC Business Editors/Building/Construction Writers/Legal Writers 6/30/2009

Commodity prices hit amid growing risk aversion 6/30/2009

ImmunoGen

JOIN THE DISCUSSION
Rate Article:

Average 0 out of 5

0 Comments

Add Comment

Text Only 2000 character limit

Page 1 of 1

At Issue

FIRST Update from Team 71, Team Hammond: And so it Begins…
Randy Weber of Team Hammond

Risky Business: Funding Medical Device Innovation
Rahul Sathe, Principal Mechanical Engineer, Surgical and Interventional Products, Cambridge Consultants

Extracting Nuggets from the Invention Mine
Tom Tuytschaevers, a member of our Patent Practice Group

More At Issue

Site Sponsors

Videos & Webcasts

Visualizing Video at the Speed of Light: One Trillion Frames Per Second 2/9/2012
MIT Media Lab researchers have created a new imaging system that can acquire visual data at a rate of one trillion frames per second. Continue

The Energy Miser Concept Home 2/8/2012
Lower energy bills while making the house more comfortable, quieter, and safer? Who cares when you're demonstrating a completely Apple-based home control and automation system. Continue

Inside the Audi A7 2/8/2012
When you take a look at the GPS system, you see real-time Google Earth 3D image navigation rather than cartoon-colored maps. It also powers the night vision system which includes a thermal camera to help detect pedestrians. Continue