Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that it is
offering to sell, subject to market and other conditions, 9,000,000
shares of its common stock pursuant to an effective shelf registration
statement in an underwritten public offering. Seattle Genetics also
intends to grant the underwriters a 30-day option to purchase up to an
aggregate of 1,350,000 additional shares of common stock to cover
over-allotments, if any. All of the shares in the offering are to be
sold by Seattle Genetics. J.P. Morgan Securities Inc. and Goldman, Sachs
& Co. are acting as joint book-running managers of the proposed offering.
A shelf registration statement relating to the shares was filed with the
Securities and Exchange Commission and is effective. Information about
the offering is available in the preliminary prospectus supplement to be
filed with the Securities and Exchange Commission. This press release
does not constitute an offer to sell, or the solicitation of an offer to
buy, these securities, nor will there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation or
sale is not permitted.
Copies of the preliminary prospectus supplement and accompanying
prospectus may be obtained by contacting J.P. Morgan Securities Inc.,
Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level,
Brooklyn, NY 11245 or by calling (718) 242-8002 or Goldman, Sachs & Co.,
85 Broad Street, SC Level, New York, New York 10004, Attention:
Prospectus Department or by calling (866) 471-2526.
About Seattle Genetics
Seattle Genetics is a clinical stage biotechnology company focused on
the development and commercialization of monoclonal antibody-based
therapies for the treatment of cancer and autoimmune disease.
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to Seattle Genetics’
expectations regarding the completion, timing and size of the proposed
public offering. Actual results or developments may differ materially
from those projected or implied in these forward-looking statements.
Factors that may cause such a difference include, without limitation,
risks and uncertainties related to market conditions and the
satisfaction of customary closing conditions related to the proposed
public offering. There can be no assurance that Seattle Genetics will be
able to complete the proposed public offering on the anticipated terms,
or at all. Seattle Genetics will continue to need significant amounts of
additional capital to fund its operations and may be unable to raise
capital when needed, which would force Seattle Genetics to delay, reduce
the scope of or eliminate one or more of its development programs.
Additional risks and uncertainties relating to the proposed offering,
Seattle Genetics and its business can be found under the heading “Risk
Factors” in Seattle Genetics’ Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009, and in the preliminary prospectus
supplement related to the proposed offering to be filed with the
Securities and Exchange Commission on August 10, 2009. Seattle Genetics
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Seattle Genetics, Inc.
Peggy Pinkston, 425-527-4160
ppinkston@seagen.com
