04:32 PM EDT, 06/12/2024 (MT Newswires) -- Ultragenyx Pharmaceutical ( RARE ) said late Wednesday it has started an underwritten public offering of up to $350 million of shares and, in lieu of issuing shares to some investors, pre-funded warrants to buy shares.

Underwriters will get an option to buy up to an additional $52.5 million of shares at the public offering price, less the underwriting discount, the company said.

The offering is subject to market conditions and no assurance the offering may be completed, Ultragenyx said.

The company's shares were falling 3% in recent after-hours activity.

Price: 43.33, Change: -1.31, Percent Change: -2.93