Shares of TG Therapeutics, Inc. (TGTX), a New York-based biopharmaceutical company, are rising more than 9 percent or $4.02 in Tuesday's morning trade at $47.77, after hitting a new 52-week high of $48.00.
Monday, TG Therapeutics said it has priced an underwritten public offering of 6.32 million shares of its common stock at a public offering price of $43.50 per share. The offering is expected to close on December 17, 2020.
TG Therapeutics expects gross proceeds from the offering to be about $275 million. The offering was upsized from the previously announced offering size of about $200 million of common stock.
The company anticipates using the net proceeds to fund the continued development of ublituximab and umbralisib, the potential in-license, acquisition, development and commercialization of other pharmaceutical products, and for general corporate purposes.
TG Therapeutics has traded in a range of $6.34 to $48.00 in the past 52 weeks.
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