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Rhythm Pharmaceuticals prices $150M common stock offering

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Rhythm Pharmaceuticals prices $150M common stock offering

Rhythm Pharmaceuticals Inc. priced its public offering of 8,108,108 common shares at $18.50 apiece.

The company also granted underwriters a 30-day option to buy up to an additional 1,216,216 common shares at the same price.

The price corresponds to gross proceeds of about $150 million.

The offering is expected to close on Oct. 18, subject to customary conditions.

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

Boston-based Rhythm Pharmaceuticals develops therapies for rare genetic disorders that result in life-threatening metabolic disorders. In August, its experimental drug setmelanotide was shown to reduce body weight and insatiable hunger, meeting the main goals of two late-stage trials.