04:59 AM EDT, 06/07/2024 (MT Newswires) -- Rapport Therapeutics (RAPP) said late Thursday it priced its initial public offering of 8 million common shares at $17 per share, at the midpoint of its $16 to $18 per share indicative range.

The drug developer said its shares will likely begin trading on Nasdaq on Friday under the "RAPP" ticker, with the offering expected to close on June 10.

The company granted the underwriters a 30-day option to purchase an additional 1.2 million shares.

Additionally, Rapport has agreed to sell about 1.1 million shares at the public offering price in a concurrent private placement to certain existing shareholders.

The gross proceeds from the initial public offering and the concurrent private placement are expected to be about $154 million, the company said.