Business

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.

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

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It said the sale will close Tuesday.

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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.