Acceleron Pharma Inc. priced an underwritten public offering of its common shares at $43 apiece.

The Cambridge, Mass.-based biopharmaceutical company will sell 5,348,838 common shares to raise $230 million in gross proceeds. It has also granted the underwriters an option to buy up to an additional 802,325 shares.

Acceleron, which develops therapeutics to treat serious and rare diseases, expects to receive about $215.8 million in net proceeds, which will fund the development of its drug candidates and future development programs. The funds will also be used for general and administrative expenses, as well as capital expenditures, working capital and other general corporate purposes.

The offering is expected to close Jan. 18.

Citigroup, J.P. Morgan and SVB Leerink are acting as joint book-running managers for the offering, with UBS Investment Bank as lead manager.