Ultragenyx Commences $250 Mln Stock Offering

(RTTNews) - Ultragenyx Pharmaceutical Inc (RARE), which focuses on novel products for rare and ultra-rare diseases, on Tuesday said it has commenced an underwritten public offering of up to $250 million of its common shares.

The company also said it expects to grant the underwriters of the offering an option for a period of 30 days to purchase up to an additional $37.5 million shares.

Ultragenyx said it intends to use the net proceeds of the offering to accelerate commercial launch preparation for Ace-ER, rhGUS, and KRN23 in the U.S. and other markets.

The company may also use a portion of the net proceeds to in-license, acquire, or invest in additional businesses and technologies. It may use any remaining proceeds to invest in early-stage translational research, additional clinical activities, and general corporate purposes.

Morgan Stanley, J.P. Morgan and Cowen and Co are acting as joint book-running managers for the offering. JMP Securities and Wedbush PacGrow are acting as co-managers for the offering.