Biopharmaceutical company Arena Pharmaceuticals Inc (Nasdaq:ARNA) said on Wednesday that it has priced its public offering of 8,500,000 shares common stock.

All of the shares are being sold by the company at a price to the public of USD41.50 per share for gross proceeds of approximately USD352.8m, before deducting the underwriting discounts and commissions and offering expenses.

The company has provided the underwriters with a 30-day option to purchase up to 1,275,000 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.

Net proceeds may be used by the company for its planned Phase 3 programmes for etrasimod for the treatment of ulcerative colitis and ralinepag for the treatment of pulmonary arterial hypertension, general corporate purposes, working capital, manufacturing services cost as well as for capital expenditures.

Citigroup, Leerink Partners, Cantor Fitzgerald, Credit Suisse and RBC Capital Markets are acting as joint book-running managers for the offering.

This offering is expected to close on 26 March 2018, subject to customary closing conditions.