Akebia Therapeutics Inc. plans to sell $85 million of its common shares in an underwritten public offering.

The company also plans to give the underwriter an option to buy up to an additional $12.8 million of shares.

Akebia plans to use the net proceeds for the continued clinical development and optimization of the vadadustat program, including pre-commercial planning activities, and the remainder for working capital, business development and other general corporate purposes.

Morgan Stanley is acting as sole book-running manager for the offering.