Shares of Vanda Pharmaceuticals ( VNDA) rose after the company said it priced an offering of 3.8 million shares at $27.29 a share.

The stock gained 2.2% to $27.90 in early trading Friday.

After underwriting discounts, commissions and estimated offering expenses, proceeds are expected to be approximately $96.2 million.

JPMorgan and Morgan Stanley are joint book runners for the offering, and Banc of America Securities and Natexis Bleichroeder are co-managers. The company has granted the underwriters a 30-day option to buy an additional 570,000 shares to cover overallotments, if any.

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