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Synta Pharma expects to sell $60M in stock

LEXINGTON, Mass. (AP) -- Synta Pharmaceuticals Corp. said Thursday that it expects to sell 7 million shares of its stock for about $60 million.

The company priced the offering at $8.60 per share, a penny below its closing price on Wednesday. Synta expects $60 million in proceeds before expenses and discounts. It said the sale will close Tuesday.

Synta said it will use the proceeds of the sale to fund research and development, clinical trials, manufacturing, and other general corporate purposes.

Synta shares rose 47 cents, or 5.5 percent, to $9.08 in midday trading Thursday. They have traded between $3.57 and $9.85 in the last year.