Vor Biopharma (VOR) said Monday it agreed to sell about 13.9 million shares in a private placement to institutional investors priced at $10.81 a share.

The offering is expected to raise gross proceeds of about $150 million and is slated to close on Thursday, the company said.

The financing includes participation from RA Capital Management, Forbion, Frazier Life Sciences, Caligan Partners, Logos Capital and Venrock Healthcare Capital Partners, the company said, adding that Forbion is being granted the right to appoint one director to its board.

Vor said it plans to use the proceeds to support development of telitacicept, including its ongoing global phase 3 trial in myasthenia gravis and a planned global phase 3 trial in primary Sjogren's disease.

Vor Biopharma shares were more than 7% higher in recent trading.