Tango Therapeutics rises premarket after upsized $600 mln equity raise
BUZZ-Tango Therapeutics rises premarket after upsized $600 mln equity raise ** Shares of Tango Therapeutics TNGX.O up 1% at $31.87 in premarket trading Weds after upsized $600 mln follow-on priced
** Biotech firm late Tues sold ~18.2 mln shares and pre-funded warrants to buy ~1.8 mln shares at $30, a 4.9% discount to last sale
** On Mon, TNGX stock soared 53% after co's experimental pancreatic cancer drug vopimetostat, in combination with Revolution Medicines' RVMD.O daraxonrasib, showed strong early results in a small study
** Subsequently, TNGX late Mon launched $500 mln stock offering
** Co intends to use net offering proceeds for general purposes, including R&D, expenses for pivotal trial and preparation for potential commercialization of one or more of its product candidates, among other purposes, per the prospectus
** JP Morgan, Leerink, Cantor Fitzgerald and Stifel joint bookrunners
** Boston, Massachusetts-based TNGX has ~144.6 mln shares outstanding
** TNGX stock finished up 2% on Tues before hitting intraday record high of $32.79. At close, stock up 256% YTD
** Avg rating of 12 analysts is "buy"; median PT $36, according to LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))