04:11 AM EDT, 05/17/2024 (MT Newswires) -- Erasca ( ERAS ) said late Thursday it priced its underwritten offering of about 86.5 million shares at $1.85 per share for gross proceeds of about $160 million.

Underwriters have been granted a 30-day option to purchase up to about 13 million additional shares.

Net proceeds from the offering, which is set to close May 21, will be used to fund the research and development of the company's product candidates and other development programs, as well as for working capital and other general corporate purposes.

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