Retrophin (RTRX) Stock Rises Today After Pricing Public Offering of Common Stock
NEW YORK (TheStreet) -- Shares of Retrophin (RTRX) - Get Report rose 7.09% to $21.60 in afternoon trading Thursday after the company priced a public offering of its common stock.
The company priced 6.84 million shares at $19 a share for gross proceeds of approximately $130 million. The offering contains a 30-day option for underwriters to purchase up to an additional 1.026 million shares. Retrophin expects the offering to close on March 24.
Retrophin announced Wednesday that the U.S. Food and Drug Administration had approved its drug Cholbam, a cholic acid capsule, to treat pediatric and adult patients with bile acid synthesis disorders tied to single enzyme defects, as well as for patients with peroxisomal disorders, including Zellweger spectrum disorders. This marks the first FDA approved treatment for these disorders, Retrophin said in a statement.
More than 4.7 million shares had changed hands as of 1:47 p.m., compared to the daily average volume of 420,848.