Tango Therapeutics, Inc. (NASDAQ: TNGX) announced the launch of an underwritten public offering of $500 million of its common stock. The clinical-stage biotechnology company will sell all shares in the offering, according to a company statement.

The company also intends to grant underwriters a 30-day option to purchase up to an additional $75 million of shares under the same terms and conditions. The offering remains subject to market conditions, with no assurance regarding completion timing or final terms.

J.P. Morgan, Leerink Partners, Cantor and Stifel will serve as joint bookrunning managers for the offering.

The offering will be conducted pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission. Related prospectus documents will be filed with the SEC and made available on the agency's website.

Tango Therapeutics focuses on discovering and developing precision cancer medicines using synthetic lethality principles to target critical cancer pathways.