Immunovant Announces $450 Million Private Placement

Company Overview - Immunovant Inc is a clinical-stage immunology company focused on enabling normal lives for people with autoimmune diseases [6] - The company is a trailblazer in anti-FcRn technology, developing innovative, targeted therapies for autoimmune diseases [6] Financing Details - Immunovant has agreed to sell 22,500,000 shares of common stock at $20 00 per share in a private investment in public equity (PIPE) transaction [5] - The PIPE is expected to generate approximately$450 million in gross proceeds [5] - The transaction involves three institutional accredited investors, including a US-based healthcare-focused investor, a large mutual fund complex, and Roivant [4] - The PIPE is expected to close on or about January 15, 2025, subject to customary closing conditions [5] Use of Proceeds - The proceeds from the PIPE will be used to advance the company's development pipeline, working capital, and other general corporate purposes [5] - Specifically, the funds will help advance the development program for the company's lead asset IMVT-1402 [4] Transaction Structure - The shares sold in the PIPE are not registered under the Securities Act of 1933 and are being sold in a transaction not involving a public offering [4] - Immunovant has agreed to register the resale of the shares with the Securities and Exchange Commission [4]