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Global Blood Therapeutics prices common stock offering

Global Blood Therapeutics Inc. priced an underwritten public offering of 4 million common shares at $54 apiece.

The company expects to raise gross proceeds of about $216 million from the offering, which is expected to close on or around March 13, subject to customary closing conditions.

Global Blood Therapeutics granted the underwriter a 30-day option to buy up to 600,000 additional shares.

The company plans to use net proceeds to fund the clinical development of voxelotor for treating sickle cell disease, and other clinical trials. Proceeds will also go toward expanding Global Blood Therapeutics' commercial organization, research and development activities, working capital and general corporate purposes.

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

South San Francisco, Calif.-based Global Blood Therapeutics develops novel therapies for grievous blood-based disorders.