Seattle Genetics Announces Completion of Public Offering of Common Stock & Exercise in Full of Underwriters' Option to Purcha...
July 26 2019 - 11:49AM
Business Wire
Seattle Genetics, Inc. (Nasdaq: SGEN) today announced the
completion of its previously announced underwritten public offering
of 8,214,286 shares of its common stock at a price to the public of
$70.00 per share, including 1,071,428 shares sold pursuant to the
exercise in full of the underwriters' overallotment option to
purchase additional shares. All of the shares were sold by Seattle
Genetics. Including the option exercise, the aggregate gross
proceeds to Seattle Genetics from the offering, before deducting
the underwriting discounts and commissions and offering expenses,
were approximately $575 million.
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 acted as joint book-running managers for the
offering. Barclays Capital Inc., RBC Capital Markets, LLC and
Guggenheim Securities, LLC acted 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 was made solely by
means of a prospectus. A final prospectus supplement and
accompanying prospectus relating to the offering has been filed
with the Securities and Exchange Commission and is 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 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’
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 could
cause actual results to differ include, but are not limited to,
factors that result in changes to Seattle Genetics’ anticipated use
of proceeds. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190726005375/en/
Investors: Peggy Pinkston 425-527-4160 ppinkston@seagen.com or
Media: Monique Greer 425-527-4641 mgreer@seagen.com
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From Sep 2023 to Sep 2024