Kala Pharmaceuticals Inc. raised gross proceeds of $134 million in its common stock offering, including the exercise of the underwriters' option to buy additional shares.
The Watertown, Mass.-based biopharmaceutical company sold a total of 16,979,371 common shares in the offering, including the 979,371 additional common shares in the option closing. The shares were sold at $7.89 each.
J.P. Morgan, BofA Securities and Jefferies acted as joint book-running managers for the offering, while Wedbush PacGrow, Oppenheimer & Co. and H.C. Wainwright & Co. acted as co-managers.
Kala Pharmaceuticals develops therapies for eye diseases. Its drug KPI-121, which was previously rejected by the U.S. Food and Drug Administration, was recently shown to benefit dry eye disease patients in a late-stage clinical trial called Stride 3.