Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) on 4/19/18 announced the pricing of its previously announced underwritten public offering of 16,000,000 shares of its common stock, offered at a price of $3.90 per share to the public. The gross proceeds to Rigel from this offering are expected to be $62.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Rigel. All of the shares in the offering are to be sold by Rigel. The offering is expected to close on or about April 24, 2018, subject to the satisfaction of customary closing conditions. Rigel has granted the underwriters a 30-day option to purchase up to an aggregate of 2,400,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions.
Rigel's announcement comes shortly after receiving FDA approval for its drug, Tavalisse (fostamatinib), for chronic immune thrombocytopenia (ITP) Rigel also has five additional drugs in development and is seeking approval for two additional indications for fostamatinib.