The clinical stage biotechnology company will offer 12.5 million shares at $4 per share, 15% lower than its Tuesday close.
Investors responded to the dilutive measure in kind, dropping the share price almost 13% to $4.13.
The offering is expected to close on June 21. In its Tuesday statement, the company did not specify what it would do with the proceeds.
Calithera Biosciences is a South San Francisco-based company focused on developing small-molecule treatments for cancer and other diseases.
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