Millendo Therapeutics Inc. priced its offering of 4,166,667 common shares at $6 each.

The Ann Arbor, Mich.-based biopharmaceutical company granted underwriters a 30-day option to buy up to an additional 625,000 common shares at the same price.

Gross proceeds are expected to be about $25 million.

The offering is expected to close Dec. 9. Proceeds will be used to develop product candidates in its pipeline and for working capital, capital expenditures and general corporate purposes.

Citigroup and SVB Leerink are acting as joint book-running managers for the offer.

Millendo Therapeutics develops medicines for orphan endocrine diseases.