India, Jan. 22 -- ORIC Pharmaceuticals, Inc. (ORIC), a clinical-stage oncology company, Monday announced that it has agreed to sell around 12.5 million common shares worth $125 million to a group of institutional and accredited healthcare specialist investors in a private placement.
The transaction is expected to close on January 23.
Following this news, ORIC shares are trading up around 10% in pre-market activity.
As per the agreement terms, ORIC's common stock will be sold at $10 per share, representing a premium of 10 percent to its five-day trailing average price.
The company intends to use the net proceeds to fund its research, develop its clinical-stage programs, and for general corporate purposes.
The private placement will incl...