(Source: Business Wire)
Seattle Genetics, Inc. (NASDAQ:SGEN), announced today that the underwriters of its previously announced public offering of common stock have exercised in full their option to purchase an additional 1,650,000 shares of common stock. Gross proceeds from the offering of an aggregate of 12,650,000 shares at a price to the public of $10.75 per share, before underwriting discounts and commissions and other offering expenses, will be approximately $136.0 million. The offering is expected to close on August 17, 2009, subject to customary closing conditions.
Seattle Genetics anticipates using the proceeds from this 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 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. A copy of the final prospectus supplement and accompanying prospectus relating to the offering 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 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. 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 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.
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