Immunogen Inc. priced its secondary offering below the price of the close of shares on Friday, according to a filing with the Securities and Exchange Commission. The biotech company priced 14.5 million shares at $6.50 apiece, with an option for another 2.2 million shares to underwriters to cover overallotments. Shares finished Friday down 2.6% at $6.85, and slipped an additional 0.2% after hours. Immunogen expects to receive $88.3 million in proceeds after expenses. Shares dropped 10% to finish at $7.03 Thursday after the company announced the offering late Wednesday. Prior to the announcement of the offering, the company had 115.5 million shares outstanding.
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