Market Overview

ImmunoGen Announces Proposed Public Offering of Common Stock

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ImmunoGen,
Inc.
(NASDAQ:IMGN), a leader in the expanding field of
antibody-drug conjugates (ADCs) for the treatment of cancer, today
announced that it intends to offer and sell, subject to market and other
conditions, 12,000,000 shares of its common stock in an underwritten
public offering. ImmunoGen also intends to grant the underwriters a
30-day option to purchase up to an additional fifteen percent (15%) of
the shares of common stock offered in the public offering. All of the
shares of common stock to be sold in the offering are to be offered by
ImmunoGen.

ImmunoGen intends to use the net proceeds of the offering, together with
its existing capital, to fund its operations, including, but not limited
to, research and development activities, clinical trial activities,
manufacturing and supply of drug substance and drug products,
commercialization preparation, acquisitions of new technologies, capital
expenditures and working capital.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and
Company, LLC are acting as joint book-running managers for the proposed
offering. Canaccord Genuity LLC is acting as lead manager and H.C.
Wainwright & Co. is acting as co-manager for the proposed offering.

The securities described above are being offered by ImmunoGen pursuant
to a shelf registration statement that was previously filed with the
Securities and Exchange Commission (SEC) and became effective upon
filing. This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in this offering, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of
any such state or other jurisdiction. A preliminary prospectus
supplement and accompanying prospectus relating to the offering will be
filed with the SEC and will be available on the SEC's website at www.sec.gov.
Copies of the preliminary prospectus supplement, when available, may
also be obtained by contacting J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com;
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, or by telephone at (866) 471-2526, or by
email at prospectus-ny@ny.email.gs.com;
or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or
by calling (631) 274-2806.

ABOUT IMMUNOGEN
ImmunoGen is developing the next generation
of antibody-drug conjugates (ADCs) to improve outcomes for cancer
patients. By generating targeted therapies with enhanced anti-tumor
activity and favorable tolerability profiles, we aim to disrupt the
progression of cancer and offer our patients more good days. We call
this our commitment to "target a better now." Our lead product
candidate, mirvetuximab soravtansine, is in Phase 3 study for folate
receptor alpha (FRα)-positive platinum-resistant ovarian cancer, and in
Phase 1b/2 testing in combination regimens. Our novel IGN candidates for
hematologic malignancies, IMGN779 and IMGN632, are in Phase 1 studies.

This press release includes forward-looking statements, including
statements related to the proposed public offering of securities by
ImmunoGen, including the anticipated use of proceeds therefrom. For
these statements, ImmunoGen claims the protection of the safe harbor for
forward-looking statements provided by the Private Securities Litigation
Reform Act of 1995. Various factors could cause actual results to differ
materially from those discussed or implied in the forward-looking
statements, and you are cautioned not to place undue reliance on these
forward-looking statements, which are current only as of the date of
this release. Factors that could cause future results to differ
materially from such expectations include, but are not limited to: the
uncertainties related to market conditions and the completion of the
public offering on the anticipated terms or at all, uncertainties
inherent in the initiation of future clinical trials and such other
factors more fully described in ImmunoGen's Annual Report on Form 10-K
for the year ended December 31, 2017 and other reports filed with the
Securities and Exchange Commission.

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