Immunovant announces $300 mln equity offering after stock doubles

Immunovant

26/09/2023 22:29

** Immunovant Inc  IMVT.O  commences equity offering as drug
developer looks to capitalize on surge in its shares
    ** IMVT shares closed up 97% at $39.96 on Tues after co's
early antibody treatment exceeded analysts' expectations
    ** Co developing IMVT-1402 as an under-the-skin injection to
potentially treat autoimmune diseases
    ** After the bell, co announces $130 mln public follow-on
    ** It also plans to sell $170 mln of shares in concurrent
private placement to its largest shareholder, Roivant Sciences
 ROIV.O , which has 56.5% stake
    ** IMVT has ~130.7 mln shares outstanding for roughly $5.2
bln market cap, per LSEG data
    ** Leerink Partners, Piper Sandler, Guggenheim and Wells
Fargo acting as joint bookrunners for public offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))