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Rhythm Pharmaceuticals raises $172.5M from offering of common shares

Rhythm Pharmaceuticals Inc. raised about $172.5 million in gross proceeds from a public offering of common shares.

The Boston-based biotechnology company sold 9,324,324 common shares in the offering at $18.50 apiece, including the 1,216,216 common shares the offering's underwriters acquired as part of their overallotment option.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC were acting as joint book-running managers for the offering, while Needham & Co. LLC was the lead manager.

Rhythm Pharmaceuticals develops therapies for rare genetic disorders that result in life-threatening metabolic disorders. In August, its experimental drug setmelanotide reduced body weight and insatiable hunger in patients with two rare types of genetic obesity, the main goals of two late-stage trials.