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Global Blood plans stock offering to advance development of blood disorder drug

Global Blood Therapeutics Inc. is planning a registered offering of 3.5 million common shares.

The South San Francisco, Calif.-based biopharmaceutical company granted the underwriter a 30-day option to buy up to 525,000 additional common shares.

Net proceeds will go toward clinical development of voxelotor to treat sickle cell disease, a blood disorder, and other clinical trials, and expansion of the commercial team in relation to potential approval of voxelotor, which recently received breakthrough therapy designation from the U.S. Food and Drug Administration.

The company also intends to use the net proceeds for other research and development activities, working capital, and general corporate purposes. Further, Global Blood may use proceeds to license, buy or invest in new business, technology or assets.

The offering is expected to close on March 13.

Wells Fargo Securities LLC is sole book-running manager for the offering.