NOVATO -- Ultragenyx Pharmaceutical Inc. (Nasdaq:RARE), a biopharmaceutical company focused on the development of products for rare and ultra-rare diseases, today announced that it has commenced an underwritten public offering of 2 million shares of its common stock.

The offering is expected to consist of about 1.3 million shares to be offered by Ultragenyx and about 706,000 shares to be offered by selling stockholders. In addition, the company and the selling stockholders are expected to grant the underwriters of the offering an option for a period of 30 days to purchase up to an aggregate of an additional 302,602 shares of common stock at the public offering price, less the underwriting discount.

Ultragenyx intends to use the net proceeds of the offering to continue to advance its clinical and preclinical pipeline, including potential new formulations of or indications for its existing product candidates or potential new product candidates, and to increase investment in early-stage research capabilities and general infrastructure, with any remaining proceeds to be used for other ongoing research and development, working capital, and other general corporate purposes. Ultragenyx may also use a portion of the net proceeds to in-license, acquire, or invest in additional businesses, technologies, products, or assets, though Ultragenyx currently has no specific agreements.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as the joint book-running managers for the offering. Cowen and Company, LLC is acting as lead manager, and Robert W. Baird & Co. Incorporated is acting as co-manager.