Health & Fitness
Health and Fitness
Health and Fitness
Thu, January 29, 2009
Wed, January 28, 2009 Seattle Genetics Announces Pricing of Common Stock Offering
BOTHELL, Wash.--([ BUSINESS WIRE ])--Seattle Genetics, Inc. (Nasdaq: SGEN) announced today the pricing of an underwritten public offering of 5,740,000 shares of its common stock. Upon closing, the aggregate price to the public will be approximately $55.8 million. UBS Investment Bank acted as sole manager for the offering. Seattle Genetics intends to use the net proceeds from this offering to fund research and development, including clinical trials and manufacturing campaigns for its proprietary product candidates, and for general corporate purposes, including working capital.
A registration statement relating to the shares was filed with the Securities and Exchange Commission and declared effective on December 11, 2007. This offering is being made pursuant to a prospectus supplement to the registration statement. Copies of the prospectus supplement relating to this offering, when available, may be obtained from UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, or by calling (888) 827-7275. Seattle Genetics expects the offering to close on February 2, 2009.
In addition, as previously announced, Seattle Genetics has agreed to sell 1,178,163 shares of common stock in a private placement to Baker Brothers Life Sciences, L.P. and its affiliated funds (BBLS), subject to stockholder approval. BBLS has agreed to pay the same price per share as the investors in the underwritten public offering. If approved, the transaction with BBLS will generate approximately $11.5 million in gross proceeds.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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.
