Axovant Sciences Ltd. is planning to raise $40 million in gross proceeds through an underwritten offering of common shares.

The London-based developer of neurological and psychiatric treatments plans to issue 26,666,667 common shares for $1.50 per share as part of the offering.

Axovant Sciences also granted underwriters an option to buy up to an additional 4 million common shares. The offering is expected to close March 18.

Jefferies LLC and Guggenheim Securities LLC are acting as underwriters for the offering.