Rigel Pharmaceuticals Inc. closed its underwritten public offering of 20,815,000 common shares at $3.35 apiece for gross proceeds of about $69.7 million.

Shares sold in the offering include 2,715,000 shares issued upon full exercise of the underwriters' option to buy additional shares.

Jefferies LLC and BMO Capital Markets Corp. acted as joint book-running managers and H.C. Wainwright & Co. LLC acted as lead manager for the offering.