Verastem Inc. will raise gross proceeds of $35 million via a public offering of 7,777,778 shares.
The biotechnology company priced its shares at $4.50 apiece and also granted the underwriters an option to purchase an additional 1,166,666 shares.
The offering is expected to close May 18, subject to customary closing conditions.
Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.
Needham, Mass.-based Verastem is a biopharmaceutical company focused on discovering and developing drugs for the treatment of cancer.