Zynerba Pharmaceuticals Inc. priced an underwritten offering of shares at $18 apiece.
The company will issue 2.8 million common shares to raise $50.4 million for the continued development of its cannabinoid-based treatments.
Underwriters can purchase up to an additional 420,000 of the shares offered. The issue is expected to close by Jan. 24.
Jefferies LLC and Piper Jaffray & Co. are acting as joint book-running managers for the offering.
Cantor Fitzgerald & Co. is acting as lead manager, and Oppenheimer & Co. and Roth Capital Partners are acting as co-managers for the offering.