Immunovant to sell 22.5M shares at $25.00 in private placement

Immunovant (IMVT) has agreed to sell an aggregate of 22,500,000 shares of common stock at a purchase price of $20.00 per share to three institutional accredited investors in a private investment in public equity. Immunovant anticipates receiving aggregate gross proceeds of approximately $450 million from the PIPE. The PIPE is expected to close on or about January 15, 2025, subject to the satisfaction of customary closing conditions. Immunovant expects to use the proceeds from the PIPE for the advancement of its development pipeline, working capital and other general corporate purposes.