Immunovant Announces Closing of $200.0 Million Public Offering, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Immunovant, Inc. (Nasdaq: IMVT) has successfully closed its underwritten public offering of 6,060,606 shares of common stock at $33.00 per share, raising approximately $200.0 million in gross proceeds. This includes the full exercise of an underwriters’ option for an additional 790,513 shares. The offering was managed by SVB Leerink, Guggenheim Securities, and Chardan, with LifeSci Capital and Baird as co-lead managers. The registration statements for these securities became effective on September 1, 2020.

Positive

• Raised approximately $200.0 million in gross proceeds from the offering.
• Proceeds can be used to further the development of IMVT-1401 for autoimmune diseases.
• Successful capital raise enhances liquidity and financial position of the company.

Negative

• Dilution risk for existing shareholders due to the increase in total shares outstanding.

NEW YORK, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, today announced the closing of its previously announced underwritten public offering of 6,060,606 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 790,513 additional shares of common stock, at a price to the public of $33.00 per share. The aggregate gross proceeds to Immunovant from the offering were approximately $200.0 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares of common stock were sold by Immunovant.

SVB Leerink, Guggenheim Securities and Chardan acted as joint bookrunning managers for the offering. LifeSci Capital LLC and Baird acted as the co-lead managers for the offering.

Registration statements relating to these securities have been filed with the U.S. Securities and Exchange Commission, and became effective on September 1, 2020. A copy of the final prospectus may be obtained from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 1-800-808-7525, ext. 6218, or by email at syndicate@svbleerink.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548 or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or Chardan Capital Markets LLC, 17 State Street, 21st floor, New York, NY 10004.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.

About Immunovant

Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.

Contact:

John Strumbos, Ph.D., MBA
Vice President, Finance and Strategy
Immunovant, Inc.
info@immunovant.com

FAQ

What is the purpose of Immunovant's recent public offering of shares?

The proceeds are intended to fund the development of IMVT-1401 for autoimmune diseases.

How many shares did Immunovant issue in its public offering?

Immunovant issued a total of 6,060,606 shares, including the underwriters' option.

What was the price per share in Immunovant's public offering?

The shares were offered at a price of $33.00 each.

When did Immunovant's registration statements become effective?

The registration statements became effective on September 1, 2020.

What are the potential impacts of the public offering on Immunovant's stock?

While the capital raise strengthens the company's financial position, it also poses a dilution risk for existing shareholders.