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ImmunoGen raises $77.6M through stock sale

ImmunoGen Inc. said Monday it raised $77.6 million through a stock offering after deducting expenses.

The biotechnology company said it sold 9 million shares to the public, and about 1.4 million shares to underwriters. The stock was priced at $8 per share, and the offering its expected to close around Wednesday.

ImmunoGen shares rose 48 cents, or 5.9 percent, to $8.62 in midday trading as the stock market rallied.