Iovance Biotherapeutics (IOVA) Prices 16.935M Share Common Offering at $31/Sh
Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) today announced the pricing of an underwritten public offering of 16,935,484 shares of its common stock at a public offering price of $31.00 per share. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Iovance, are expected to be approximately $525 million. In addition, Iovance has granted the underwriters a 30-day option to purchase up to 2,540,322 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about June 2, 2020, subject to customary closing conditions.
Iovance intends to use the proceeds from this offering to fund the expansion of its organization to support the potential commercial launch of lifileucel for advanced melanoma and LN-145 for advanced cervical cancer, to initiate a program directed at registration of Iovance’s tumor infiltrating lymphocyte therapies in non-small cell lung cancer, to continue support of ongoing commercial manufacturing activities, and for the development of Iovance’s IL-2 analog, IOV-3001, and for other general corporate purposes. Additional indications or TIL products may be explored with the use of proceeds.
Jefferies LLC and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. Wells Fargo Securities, LLC is also serving as book-running manager for the offering. Oppenheimer & Co. Inc. is serving as lead co-manager for the offering. Robert W. Baird & Co. Incorporated and H.C. Wainwright & Co., LLC are serving as co-managers for the offering.