ImmunoGen expects $33m from offering

Biotechnology company ImmunoGen Inc. today priced its public offering of 5 million shares of common stock and expects proceeds of $33 million.

The company announced the offering late Wednesday.

ImmunoGen is offering the stock at $7, marking a discount of 10.5 percent from Wednesday's closing price of $7.82. The stock, which has traded between $2.47 and $8.50 over the last 52 weeks, is up roughly 82 percent since January.

The company also expects to grant underwriters a 30-day option to buy up to 750,000 shares to cover overallotments. The offering is expected to close on June 23.

ImmunoGen has about 51.1 million shares outstanding. Oppenheimer & Co. Inc. is acting as the sole bookrunner for the offering.

Shares of ImmunoGen fell 80 cents, or 10.2 percent, to $7.02 in midday trading. (AP)