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ResTORbio prices $50M common stock offering

ResTORbio Inc. priced its offering of 7.2 million common shares at $6.95 per share.

The Boston-based biopharmaceutical company also granted underwriters a 30-day option to buy up to an additional 1,080,000 common shares at the same price.

The company expects gross proceeds of about $50 million from the offer, which is expected to close on or about March 22.

Bank of America Merrill Lynch, SVB Leerink and Guggenheim Securities are acting as joint book-running managers for the offering, while Wedbush PacGrow is acting as co-manager.

ResTORbio develops and sells novel therapeutics to treat aging-related diseases.