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Synta to sell 7 million of its shares

LEXINGTON — 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.

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Synta expects $60 million in proceeds before expenses and discounts.

It said the sale will close Tuesday.

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

Synta shares rose 19 cents, or 2.2 percent, to $8.80. They have traded between $3.57 and $9.85 in the last year.

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