Tectonic Therapeutic (TECX) said Monday it expects to raise about $185 million in gross proceeds through a private investment in public equity financing.

The company will issue 3,689,465 common shares at $50 apiece to fund investors and $54.14 per share to individual investors who serve as either an officer or director of Tectonic.

The company said the financing included participation from new and existing investors, including Adage Capital Partners, Ally Bridge Group, Deep Track Capital, EcoR1 Capital, and funds managed by Farallon Capital Management.

Tectonic expects the financing to close Wednesday and expects to use net proceeds to fund the clinical development of TX45 and TX2100, among other things.

Shares were 0.5% higher in recent trading.

Price: 54.44, Change: +0.30, Percent Change: +0.54