09:58 AM EDT, 05/30/2024 (MT Newswires) -- Insmed ( INSM ) said Thursday that it has priced its underwritten public offering of 12.6 million shares at $51.50 apiece for gross proceeds of $650 million.

The biopharmaceutical company said it has granted the underwriters a 30-day option to buy up to an additional 1.9 million shares.

Insmed ( INSM ) said it plans to use the net proceeds to support the research, development, and potential commercialization of multiple product candidates, as well as for general corporate and business expansion purposes.

The offering is slated to be completed on Friday.

Shares of Insmed ( INSM ) were up 7% in recent Thursday trading.

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