Immunovant Secures Major Funding to Advance Key Drug Candidate

Immunovant Inc. has received a significant financial boost, with its shares trading notably higher following the successful completion of a substantial capital raise. The biotech firm announced it has secured $550 million in gross proceeds, a move designed to fund the critical late-stage development of its lead therapeutic candidate, IMVT-1402, toward potential regulatory approval and commercialization.

The financing was executed through the placement of 26.2 million shares at a price of $21.00 per share. A standout feature of the transaction was the strong commitment from Immunovant’s controlling shareholder, Roivant Sciences Ltd., which subscribed to shares worth nearly $350 million. Market observers interpret this substantial participation as a powerful vote of confidence in Immunovant’s Read more...