$80 million financing for Tango Therapeutics

Shares of US biotech Tango Therapeutics (Nasdaq: TNGX), which went public in 2021 via a merger with special-purpose acquisition company (SPAC) BCTG Acquisition, shot up almost 15% to $7.51 after it announced a $80 million financing.

Tango has agreed to sell around 15.5 million shares of its common stock or pre-funded warrants in lieu thereof, to a select group of institutional and accredited healthcare specialist investors in a private investment in public equity (PIPE) financing, at a per share price of $5.15.

Gross proceeds from the private placement are anticipated to be about $80 million, before deducting any offering-related expenses.