Akebia Therapeutics, Inc. priced its previously announced stock offering, looking to raise $89 million via the sale of 8.5 million shares at $10.50 each.

Morgan Stanley is acting as sole book-running manager for the Cambridge, Mass.-based biotechnology company's offering, expected to close by March 27.

The offering's underwriter has an option to buy an additional 1,275,000 shares.

Akebia plans to use the net proceeds for the continued clinical development and optimization of the vadadustat program, meant to treat anemia associated with chronic kidney disease.