BOSTON, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Rhythm Pharmaceuticals, Inc., a biopharmaceutical company focused on the development and commercialization of peptide therapeutics for treatment of rare genetic deficiencies that result in life-threatening metabolic disorders, today announced the pricing of its initial public offering of 7,050,000 shares of common stock at a public offering price of $17.00 per share, before underwriting discounts. All of the shares are being offered by Rhythm. In addition, Rhythm has granted the underwriters a 30-day option to purchase up to an additional 1,057,500 shares of common stock at the initial public offering price. The shares are scheduled to begin trading on the NASDAQ Global Market under the ticker symbol "RYTM" on Thursday, October 5, 2017. The offering is expected to close on October 10, 2017, subject to the satisfaction of customary closing conditions.
Morgan Stanley, BofA Merrill Lynch and Cowen are acting as the lead book-running managers of the offering. Needham & Company is acting as the co-manager for the proposed offering.
Rhythm is a biopharmaceutical company focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders. Rhythm’s lead peptide product candidate is setmelanotide, a first-in-class melanocortin-4 receptor (MC4R) agonist for the treatment of rare genetic disorders of obesity. Rhythm supports The Genetic Obesity Project (www.GeneticObesity.com), which is dedicated to improving the understanding of severe obesity that is caused by specific genetic defects. The company is based in Boston, MA.