Immunovant announces $300M offering of common stock

Immunovant announced the commencement of a proposed underwritten public offering and concurrent private placement of an aggregate of $300M of shares of its common stock. Immunovant intends to offer and sell $130M of shares of its common stock in an underwritten public offering. In addition, Immunovant intends to grant the underwriters for the offering a 30-day option to purchase up to an additional $19.5M of shares of its common stock offered at the public offering price. All of the shares are being offered by Immunovant. Concurrent with the proposed public offering, Immunovant intends to sell $170M of shares of its common stock to Roivant Sciences (ROIV) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, subject to consummation of the proposed public offering and other customary conditions. However, the consummation of the public offering is not contingent on the consummation of this concurrent private placement. Leerink Partners, Piper Sandler, Guggenheim Securities and Wells Fargo Securities are acting as joint bookrunning managers for the public offering. LifeSci Capital is acting as co-manager for the public offering.