Tango Therapeutics raises $225 million in stock offering

Tango Therapeutics Inc. (NASDAQ: TNGX) priced an underwritten public offering of 21,023,337 shares of common stock and pre-funded warrants for 3,226,458 shares at $8.66 per share, according to a company statement.

The clinical-stage biotechnology company expects gross proceeds of approximately $210 million from the offering before deducting underwriting discounts and expenses. The offering is scheduled to close on or about October 24, 2025.

Investors in the offering included Farallon Capital Management, TCGX, Balyasny Asset Management, Woodline Partners LP, Invus, Adage Capital Management LP, Boxer Capital Management, Logos Capital, Nantahala Capital, accounts advised by T. Rowe Price Investment Management Inc., and a large institutional investor.

Concurrent with the public offering, Tango entered into a private investment in public equity transaction led by Nextech. The company is selling 1,732,101 shares at $8.66 per share, expecting gross proceeds of approximately $15 million before expenses.

Leerink Partners and Cantor serve as joint bookrunning managers for the public offering. The pre-funded warrants carry an exercise price of $0.001 per share and are priced at $8.659 each.

Tango focuses on developing precision cancer medicines using synthetic lethality principles to target cancer cells. The company aims to expand precision oncology into areas including tumor suppressor gene loss and cancer cells' ability to evade immune system detection.

The offering is being conducted under an effective shelf registration statement previously filed with the Securities and Exchange Commission.

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