Biopharmaceutical company Altus Pharmaceuticals Inc. said today that it priced its public offering of 6 million shares at $14.75 per share.
All the shares are being offered by Altus. The company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any.
The company previously said it expected proceeds of about $84.3 million from the sale, assuming an offering price of $14.98 per share.
Altus also said proceeds will be used to fund clinical and preclinical development as well as manufacturing and general corporate purposes.
Merrill Lynch & Co. and Morgan Stanley & Co. are joint book-running managers for the offering. Cowen and Co. and Leerink Swann & Co. are co-managers.
As of Feb. 28, the company had 24 million shares outstanding, according to a filing with the Securities and Exchange Commission.