Ultragenyx Prices 2.2 Mln Share IPO At $120/share

(RTTNews) - Biopharmaceutical company Ultragenyx Pharmaceutical, Inc. (RARE) announced the pricing of its underwritten public offering of 2.2 million shares of its common stock at a price to the public of $120 per share, before underwriting discounts.

The company has also granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 330,000 shares of the company's common stock at the public offering price, less the underwriting discount.

Ultragenyx intends to primarily 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. It may also use it to in-license, acquire, or invest in additional businesses, technologies, products, or assets.

Additionally, Ultragenyx said it may use any remaining net proceeds to invest in early-stage translational research, additional clinical activities, supportive general and administrative activities, hiring of additional personnel, and expansion of its facilities, as well as for additional working capital and other general corporate purposes.

The offering is expected to close on or about July 21, 2015, subject to satisfaction of customary closing conditions.

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