BOTHELL, Wash.--(BUSINESS WIRE)--Seattle Genetics, Inc. (Nasdaq: SGEN) today announced the pricing of an underwritten public offering of 11,538,461 shares of its common stock at a price to the public of $52.00 per share. All of the shares are being sold by Seattle Genetics. The gross proceeds to Seattle Genetics from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $600.0 million. The offering is expected to close on or about February 5, 2018, subject to customary closing conditions. In addition, Seattle Genetics has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,730,769 shares of its common stock solely to cover over-allotments at the public offering price, less the underwriting discounts and commissions.
Seattle Genetics anticipates using the net proceeds from the offering to fund a portion of the costs of the acquisition of Cascadian Therapeutics, Inc. In the event that Seattle Genetics does not consummate such acquisition, Seattle Genetics expects to use the net proceeds from the offering for the ongoing commercialization of ADCETRIS® (brentuximab vedotin) in the United States and Canada, its research and development efforts designed to further expand the ADCETRIS label and the advancement of its pipeline of product candidates, as well as for general corporate purposes, including working capital.
Barclays Capital Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.
A shelf registration statement relating to the shares was previously filed with and became effective by rule of the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the Securities and Exchange Commission and will be available on the Securities and Exchange Commission's website located at http://www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at Barclaysprospectus@broadridge.com, or by telephone at (888) 603-5847; or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Seattle Genetics
Seattle Genetics is a biotechnology company focused on the development and commercialization of innovative antibody-based therapies for the treatment of cancer.
Forward Looking Statements
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 risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions, the satisfaction of customary closing conditions related to the public offering, and the acquisition of Cascadian Therapeutics. More information about the risks and uncertainties faced by Seattle Genetics is contained in the section captioned “Risk Factors” in the preliminary 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.