Sizing up discounts on PIPEs

In November, ImmunoGen Inc. decided to do a secondary instead a PIPE because it thought it would do better with the former, raising more money and taking less of a discount.

"How wrong we were," said Mitchel Sayare, IMGN's chairman and CEO. "At the end of December we were told too many deals were trying to close in the market overall and on the bankers' advice we delayed. It was during that period that the market began to turn." ...