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ImmunoGen seeks $100m funding to surf T-DM1 wave

This article was originally published in Scrip

Executive Summary

ImmunoGen hopes to raise $100 million thought a secondary stock offering that is expected to close on 17 July. With its stock trading on 9 July at a 5-year high following the excitement around antibody-drug conjugates, the Waltham, Massachusetts-based hopes to sell 6.25 million shares at $16 to accelerate its targeted anti-cancer therapeutic pipeline. That pipeline is led by its partnership with Roche for the antibody-drug conjugate T-DM1 (trastuzumab emtansine) for the treatment of metastatic breast cancer. Investors, of course, sent ImmunoGen's stock down the 8% that the company had discounted its offering from its previous day's price.

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