Immunovant slips after pricing $450 mln equity offering

Immunovant

28/09/2023 12:37

** Immunovant Inc's   IMVT.O  shares down 2.3% at $38.59
premarket after biotech firm raises equity
    ** Co late Weds sold 7.37 mln shares in public follow-on at
$38, 3.8% discount to last sale, for $280 mln
    ** It also sold ~4.47 mln shares at $38 for $170 mln in
private placement to its largest shareholder Roivant Sciences
 ROIV.O , which has 56.5% stake in IMVT
    ** On Tues, IMVT shares roughly doubled to $39.96 after co's
early antibody treatment exceeded analysts' expectations
    ** Co developing IMVT-1402 as an under-the-skin injection to
potentially treat autoimmune diseases
    ** IMVT has ~130.7 mln shares outstanding for ~$5.2 bln
market cap, per LSEG data
    ** Through Weds close, stock up 123% YTD and at highest
levels since Feb 2021 
    ** 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))