Immunomedics (IMMU) Prices 14.286M Share Common Offering at $17.50/Sh
Immunomedics, Inc. (NASDAQ: IMMU) today announced the pricing of an underwritten public offering of 14,285,715 shares of its common stock at a public offering price of $17.50 per share, representing gross proceeds of approximately $250 million. In addition, Immunomedics has granted the underwriters a 30-day option to purchase up to 2,142,857 additional shares of common stock. The offering is expected to close on or about December 9, 2019, subject to customary closing conditions.
Immunomedics intends to use the net proceeds from this offering primarily to accelerate commercial launch readiness, pending FDA approval, of sacituzumab govitecan in the United States in metastatic triple-negative breast cancer, continue to expand the clinical development programs for sacituzumab govitecan, invest in the broader clinical development of the platform (including IMMU-130 and IMMU-140), continued scale-up of manufacturing and manufacturing process improvements, as well as for working capital and general corporate purposes.
Goldman Sachs & Co. LLC, BofA Securities, Cowen and Company, LLC and Jefferies LLC are acting as joint book-running managers for the offering.