New York-based Pfizer (NYSE: PFE) is the biggest drug company in the world, so when it slashes costs and dumps drug candidates left and right, people take note. But sometimes what gets overlooked is that one company’s loss is another’s gain, and that’s what appears to be happening at South San Francisco-based Rigel Pharmaceuticals.
Rigel (NASDAQ: RIGL) said today it has raised a cool $130.4 million through a stock offering of 16.3 million new shares at $8 apiece. There appears to have been strong demand to get into Rigel, as the company only offered the new investors a relatively slim 5.7 percent discount from yesterday’s closing market price of $8.49. Jefferies & Co. and JP Morgan Securities led the offering, and Piper Jaffray & Co. was the co-manager.