The Associated Press May 26, 2011, 4:11PM ET

Rigel stock offering should raise $130.4 million

Rigel Pharmaceuticals Inc. said on Thursday that it has priced an offering of shares at $8 each, enough to raise about $130.4 million before expenses.

The company plans to sell 16.3 million shares in the offering, which will close June 1. All of the shares are being sold by Rigel, a development-stage drug company. Its underwriters can also buy another 2.4 million shares if there is enough demand.

Rigel shares rose 29 cents, or 3.4 percent, to $8.78 in afternoon trading.

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