NEW YORK (TheStreet) --Lion Biotechnologies (LBIO) stock is soaring 40.46% to $8.47 on heavy trading volume Friday afternoon after announcing a new CEO and raising about $100 million in a private offering.
The New York City-based biotechnology company's board named Maria Fardis, Ph.D., CEO, effective June 1. She succeeds Elma Hawkins, Ph.D., who has been CEO since January 2015.
Most recently, Dr. Fardis was COO at Dutch biotech company Acerta Pharma, which AstraZeneca (AZN) purchased a 55% stake in for $4 billion. She also has held the position of chief of oncology operations and alliances at Pharmacyclics, which was acquired by AbbVie (ABBV) for $21 billion.
The company separately announced that it is raising $100 million through a private placement equity offering. Lion Biotechnologies is selling roughly 9.7 million shares of common stock and about 11.4 million shares of newly authorized Series B stock at $4.75 per share.
The transaction is expected to close by June 7.
About 7.87 million shares of Lion Biotechnologies have been traded so far today, well above its average trading volume of 176,474 shares per day.