Seattle Genetics, Inc. (Nasdaq:SGEN) announced today the pricing of an
underwritten public offering of 11,000,000 shares of its common stock at
a price to the public of $10.75 per share. The gross proceeds from the
sale of the shares, before underwriting discounts and commissions and
other offering expenses, are expected to be approximately $118.2
million. The offering is expected to close on or about August 17, 2009,
subject to customary closing conditions. The company has also granted
the underwriters a 30-day option to purchase up to an aggregate of
1,650,000 additional shares of common stock to cover over-allotments, if
any. All of the shares in the offering are being sold by Seattle
Genetics.
Seattle Genetics anticipates using the net proceeds from the offering to
fund research and development efforts, including manufacturing
activities and clinical trials for its proprietary product candidates,
build-out of a commercial infrastructure and for general corporate
purposes, including working capital.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are acting as joint
book-running managers of the offering. Needham & Company, LLC,
Oppenheimer & Co. Inc., RBC Capital Markets Corporation and William
Blair & Company, LLC are acting as co-managers of the offering. A copy
of the final prospectus supplement and accompanying prospectus relating
to the offering, when available, 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.
A shelf registration statement relating to the shares was filed with the
Securities and Exchange Commission and is effective. 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.
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 public
offering and its anticipated use of net proceeds from the 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 public offering. There can
be no assurance that Seattle Genetics will be able to complete the
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 public 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 final prospectus supplement related to the public
offering to be filed with the Securities and Exchange Commission.
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
