Rhythm Pharmaceuticals announces $150 million stock offering

Rhythm Pharmaceuticals Inc. (NASDAQ: RYTM) announced a proposed public offering of $150 million of common stock. The Boston-based biopharmaceutical company focuses on rare neuroendocrine diseases.

The company plans to grant underwriters a 30-day option to purchase up to an additional $22.5 million of shares at the public offering price, minus underwriting discounts and commissions.

Morgan Stanley, BofA Securities, Stifel and Wells Fargo Securities serve as joint book-running managers for the offering. Canaccord Genuity and Citizens Capital Markets act as lead managers.

The offering operates under a shelf registration statement on Form S-3 that became effective March 2, 2023, after filing with the Securities and Exchange Commission. The company will conduct the offering through a prospectus supplement and accompanying base prospectus.

Rhythm noted the offering remains subject to market and customary closing conditions. The company stated no assurance exists regarding completion timing or final size and terms of the offering.

The information comes from a company press release statement.

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