Immunomedics, Inc. (NASDAQ: IMMU) today announced the pricing of an underwritten public offering of 14,736,860 shares of its common stock at a public offering price of $28.50 per share, representing gross proceeds of approximately $420 million. In addition, Immunomedics has granted the underwriters a 30-day option to purchase up to 2,210,529 additional shares of common stock. The offering is expected to close on or about May 1, 2020, subject to customary closing conditions.

Immunomedics intends to use the net proceeds from this offering primarily to support the commercial launch of Trodelvy™ in the United States in metastatic triple-negative breast cancer, continue to expand the clinical development programs for Trodelvy, 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.

Cowen, BofA Securities, Jefferies LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering.