Halozyme Therapeutics Inc. said Thursday it priced an offering of 8.3 million shares of its stock at $7.50 per share.
The underwriters of the offering will have an option to buy another 1.2 million shares to cover any overallotments.
Shares of Halozyme closed at $7.99 Wednesday, making the price a discount of 6.1 percent.
Halozyme said the offering is expected to close Tuesday. It has said it plans to use the proceeds from the offering to fund research into its drug candidates and for general corporate purposes.
The company had 92 million shares on the market as of Aug. 2. If all shares are sold including the overallotments, Halozyme's share count could grow by as much as 9 percent, to 100.3 million shares.
In morning trading, shares of Halozyme fell 44 cents, or 5.5 percent, to $7.55, as investors typically worry that additional shares could dilute the value of their investment.