Seattle Genetics Announces Pricing of Public Offering of Common Stock
July 23 2019 - 10:26PM
Business Wire
Seattle Genetics, Inc. (Nasdaq: SGEN) today announced the
pricing of an underwritten public offering of 7,142,858 shares of
its common stock at a price to the public of $70.00 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 $500 million. The offering is
expected to close on or about July 26, 2019, 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 1,071,428 shares of its common stock solely to cover
overallotments at the public offering price, less the underwriting
discounts and commissions.
Seattle Genetics anticipates using the net proceeds from the
offering to fund ongoing commercialization of ADCETRIS in the
United States and Canada, to fund its activities in preparation for
the potential commercial launch of enfortumab vedotin, if approved
by the FDA, to fund its research and development efforts designed
to further expand the ADCETRIS label and to advance its pipeline of
product candidates, as well as for general corporate purposes,
including working capital. Seattle Genetics may also use a portion
of the net proceeds to in-license, acquire or invest in
complementary products, technologies, businesses or other assets or
pursue other strategic opportunities although at this time Seattle
Genetics has no material agreements or commitments with respect to
any new in-license or acquisition opportunity.
J.P. Morgan Securities LLC, SVB Leerink LLC and Goldman Sachs
& Co. LLC are acting as joint book-running managers for the
offering. Barclays Capital Inc., RBC Capital Markets, LLC and
Guggenheim Securities, LLC are acting as co-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: J.P. Morgan Securities LLC, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (866) 803-9204 or by email at
prospectus-eq_fi@jpmchase.com; SVB Leerink LLC, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, by telephone at (800) 808-7525, ext. 6132, or by email at
syndicate@svbleerink.com; or Goldman Sachs & Co. LLC,
Prospectus Department, 200 West Street, New York, NY 10282, by
telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by
email at Prospectus-ny@ny.email.gs.com.
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 that develops and
commercializes therapies targeting 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 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, and the satisfaction of customary closing
conditions related to the public offering. 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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version on businesswire.com: https://www.businesswire.com/news/home/20190723006027/en/
Investors: Peggy Pinkston 425-527-4160 ppinkston@seagen.com or
Media: Monique Greer 425-527-4641 mgreer@seagen.com
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