Shares of Puma Biotechnology Inc. jumped more than 35 percent on Friday after the company priced an offering of 7.5 million new shares in conjunction with a move from the Over-the-Counter Bulletin to the New York Stock Exchange.
The West L.A. company, which is developing cancer drugs but has no products on the market, raised more than $120 million in the offering before expenses. Shares priced at $16 and the number sold increased in size from an original 6.5 million shares. In addition, underwriters will be able to purchase up nearly 1.2 million additional shares at the original offering price over the next 30 days.
Puma was co-founded by Chief Executive Alan Auerbach, who sold Cougar Biotechnology for nearly $1 billion in 2009.
BofA Merrill Lynch and Leerink Swann LLC were lead managers for the offering, with Stifel Nicolaus Weisel, Cowen and Co., and UBS Investment Bank as co-managers.
Shares closed up $5.88, or more than 35 percent, to $22.38 on the NYSE.