Immunovant, Inc. announced today that it has entered into an agreement to sell 22,500,000 shares of its common stock at a price of $20.00 per share in a private investment in public equity (PIPE) transaction. The private placement is expected to generate gross proceeds of approximately $450 million for the company. This financing round saw participation from three institutional accredited investors, including Roivant Sciences.
The company anticipates the PIPE transaction to close on or about January 15, 2025, subject to customary closing conditions. Immunovant plans to allocate the proceeds from this significant capital raise towards the advancement of its development pipeline, working capital needs, and other general corporate purposes. This infusion of capital is expected to support the broad development program for IMVT-1402, Immunovant's lead asset.
This financing event strengthens Immunovant's financial position, providing substantial resources to accelerate its clinical programs. The additional capital is crucial for a clinical-stage company like Immunovant, enabling it to pursue its ambitious multi-indication strategy for IMVT-1402 without immediate financing pressures.
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