Flexion Therapeutics Inc. priced an underwritten public offering of 4.8 million common shares at $25.50 apiece for expected gross proceeds of about $122.4 million.

The offering is expected to close Oct. 16, subject to customary closing conditions.

Flexion has also granted the underwriters an option to buy up to 720,000 additional shares.

The company plans to use the net proceeds to fund manufacturing and commercialization of Zilretta, which was recently approved by the U.S. Food and Drug Administration, to fund product pipeline development, and for working capital and general corporate purposes.

Wells Fargo Securities, BMO Capital Markets and RBC Capital Markets are acting as joint book-running managers. Needham & Co. and Raymond James are acting as co-lead managers.