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ImmunoGen shares seesaw as company plans secondary offering

The Massachusetts-based biotech said that proceeds would be used towards R&D and clinical trial activities
Cancer cells under a microscope
Shares of the American biotech recovered to trend 1.7% higher Wednesday

ImmunoGen Inc. (NASDAQ:IMGN) stock seesawed Wednesday after the Massachusetts-based biotech said it plans to offer and sell 12 million shares of its common stock in a secondary public offering.

Shares of ImmunoGen fell more than 4% late Tuesday as investors mulled the announcement. The stock traded lower in pre-market trade Wednesday, opening in the red at US$10.90, but it recovered to trend 1.7% higher to US$11.66 in morning trade.    

Underwriters will be granted a 30-day option to buy up to an additional 15% of the shares, the company said.

Plans for the proceeds include research and development activities, clinical trial activities, manufacturing, and commercialization preparation, the company said.

J.P. Morgan Securities, Goldman Sachs, and Cowen and Co. are joint book-runners. Canaccord Genuity LLC is lead manager.

ImmunoGen develops targeted anticancer therapeutics using its expertise in tumor biology, monoclonal antibodies, potent cancer-cell killing agents and engineered linkers. 

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