Immunomedics Announces Pricing of Public Offering of Common Stock

Immunomedics (NASDAQ:IMMU) a leading biopharmaceutical company in the area of antibody-drug conjugates (ADC), announced the pricing of an underwritten public offering of 11,500,000 shares of its common stock at a public offering price of $24.00 per share, representing gross proceeds of approximately $276 million. In addition, Immunomedics has granted the underwriters a 30-day option to purchase up to 1,725,000 additional shares of common stock.

As quoted in the press release:

The offering is expected to close on or about June 15, 2018, subject to customary closing conditions.

Immunomedics intends to use the net proceeds from the proposed offering for the acceleration of the clinical development program of sacituzumab govitecan, manufacturing process improvements as well as for working capital and general corporate purposes.

Morgan Stanley, Cowen and Jefferies are acting as book-running managers for the offering and Wells Fargo Securities is acting as lead manager.

Click here to read the full press release.