Aurinia Pharmaceuticals Inc. priced a public offering of its common stock to raise about $166.7 million in gross proceeds.

The Canadian biotechnology company is offering 11,115,165 shares for $15 each. Underwriters will also be given a 30-day option to buy up to an additional 1,667,274 shares from the company.

The offering is expected to close by Dec. 12. Jefferies LLC and SVB Leerink LLC are joint book-running managers, and H.C. Wainwright & Co. LLC, Oppenheimer & Co. Inc. and Bloom Burton Securities Inc. are the co-managers for the offering.

The Victoria, British Columbia-based company plans to use the net proceeds from the offering primarily to prepare for upcoming commercialization and launch activities. Aurinia recently reported positive results for its medicine voclosporin, and plans to seek U.S. regulatory approval for the drug during the first half of 2020.