As shares sky­rock­et on Sanofi deal, IGM Bio­sciences looks to bag $200M

IGM Bio­sciences didn’t skip a beat cap­i­tal­iz­ing on all the new love pour­ing in for its stock. Just hours af­ter un­veil­ing a deal with Sanofi worth up to $6.15 bil­lion — in­clud­ing $150 mil­lion in im­me­di­ate cash — the biotech is out to raise $200 mil­lion in a pub­lic of­fer­ing.

De­vot­ed to de­vel­op­ing the class of an­ti­bod­ies it gets its name from, IGM said the pro­ceeds will fund on­go­ing clin­i­cal work, new dis­cov­ery ef­forts and man­u­fac­tur­ing build­out. It’s al­so putting out an op­tion for un­der­writ­ers to pur­chase up to $30 mil­lion more.

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