If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of
§§240.13d-1(e),
240.13d-1(f)
or
240.13d-1(g),
check the following box.
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The information required on the remainder of this cover
page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
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CUSIP No. 452907108
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13D
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Page 1 of 4 Pages
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CUSIP No. 452907108
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13D
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Page 2 of 4 Pages
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1
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Name of
Reporting Person.
Seattle Genetics, Inc.
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2
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Check the Appropriate Box if a Member
of a Group (See Instructions)
(a) ☐ (b) ☐
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3
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SEC Use Only
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4
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Source of Funds (See Instructions)
WC
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5
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Check if Disclosure of Legal
Proceedings is Required Pursuant to Items 2(d) or 2(e)
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6
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Citizenship or Place of
Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With
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7
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Sole Voting Power
11,655,804 (1)
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8
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Shared Voting Power
0
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9
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Sole Dispositive Power
11,655,804 (1)
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10
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Shared Dispositive Power
0
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11
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Aggregate Amount Beneficially Owned by Each Reporting Person
11,655,804 (1)
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12
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares (See Instructions)
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13
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Percent of Class Represented by
Amount in Row (11)
7.3% (1) (2)
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14
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Type of Reporting Person
CO
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(1)
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Consists of 3,000,000 shares of common stock, par value $0.01 per share (the Common Stock) of Immunomedics, Inc. (the Issuer) and 8,655,804 shares of Common Stock to be acquired pursuant to
the full exercise of the Warrant.
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(2)
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Based on 160,676,380 shares of Common Stock outstanding, calculated as the sum of (i) 152,020,576 shares of Common Stock outstanding as of November 6, 2017, as set forth by the Issuer in its Current
Report on
Form 10-Q
filed with the Securities and Exchange Commission (the SEC) on November 9, 2017, and (ii) 8,655,804 shares of Common Stock to be issued pursuant to the full
exercise of the Warrant.
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CUSIP No. 452907108
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13D
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Page 3 of 4 Pages
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The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned on July 7, 2017 (the
initial Schedule 13D
). This Amendment No. 1 amends the initial Schedule 13D as specifically set forth herein. Capitalized terms used in this Amendment No. 1 and not otherwise defined herein have the meanings
given to them in the initial Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 is hereby amended and restated in its entirety as set forth below:
In connection with a development and license agreement between the Issuer and the Reporting Person (which the parties subsequently terminated effective upon
final dismissal of a related lawsuit), (1) the Reporting Person and the Issuer entered into a Stock Purchase Agreement pursuant to which the Issuer issued, and the Reporting Person purchased, 3,000,000 shares of Common Stock (the
Purchased Shares
), for an aggregate purchase price of $14.7 million, and (2) the Issuer and Broadridge Corporate Issuer Solutions, Inc. (
Broadridge
), as warrant agent, entered into a Warrant Agreement
pursuant to which the Issuer issued to, and in favor of, the Reporting Person, a warrant (the
Warrant
) on customary terms, pursuant to which the Reporting Person would have the right, until the expiration date of the Warrant, to
purchase up to 8,655,804 additional shares (the
Warrant Shares
and together with the Purchased Shares, the
Shares
) of Common Stock at an initial exercise price of $4.90 per share (in each case, subject to
customary anti-dilution and other adjustments in accordance with the terms of the Warrant). On December 5, 2017, the Reporting Person exercised the Warrant in full to acquire 8,655,804 shares of Common Stock for an aggregate purchase price
of $42.4 million. The source of funds used to acquire the Purchased Shares consisted of, and the source of funds to be used to acquire Warrant Shares will consist of, the working capital of the Reporting Person.
Item 5. Interest in Securities of the Issuer
Item 5
is hereby amended and restated in its entirety as set forth below:
The percentage of the class of securities set forth below is based on 160,676,380
shares of Common Stock outstanding, calculated as the sum of (i) 152,020,576 shares of Common Stock outstanding as of November 6, 2017, as set forth by the Issuer in its Current Report on Form
10-Q
filed
with the SEC on November 9, 2017, and (ii) 8,655,804 shares of Common Stock to be issued pursuant to the full exercise of the Warrant.
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(a)
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The aggregate number of the class of securities beneficially owned by the Reporting Person is 11,655,804 (consisting of 3,000,000 shares of Common Stock and 8,655,804 shares of Common Stock to be acquired
pursuant to the full exercise of the Warrant) and the percentage of the class of securities beneficially owned by the Reporting Person is 7.3%.
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(b)
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The number of shares as to which the Reporting Person has:
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(i) Sole power to vote or to direct
the vote: 11,655,804 shares (consisting of 3,000,000 shares of Common Stock and 8,655,804 shares of Common Stock to be acquired pursuant to the full exercise of the Warrant)
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition of: 11,655,804 shares (consisting of 3,000,000 shares of Common Stock and
8,655,804 shares of Common Stock to be acquired pursuant to the full exercise of the Warrant)
(iv) Shared power to dispose or to
direct the disposition of: 0 shares
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(c)
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Other than as described herein, none of the Reporting Person or any of the persons named on Schedule A hereto has engaged in any transaction involving the Issuers common stock.
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CUSIP No. 452907108
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13D
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Page 4 of 4 Pages
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended and restated in its entirety as set forth below:
Stock Purchase Agreement
On February 10,
2017 (the
Equity Closing Date
), the Reporting Person and the Issuer entered into a Stock Purchase Agreement pursuant to which the Issuer issued, and the Reporting Person purchased, the Purchased Shares, which represented
approximately 2.75% of the then outstanding shares of Common Stock, for an aggregate purchase price of $14.7 million.
Warrant Agreement and
Warrant
On February 16, 2017, the Issuer and Broadridge, as warrant agent, entered into the Warrant Agreement pursuant to which the Issuer
issued to, and in favor of, the Reporting Person, the Warrant on customary terms, pursuant to which the Reporting Person would have the right, until February 10, 2020, to purchase up to 8,655,804 additional shares of Common Stock at an initial
exercise price of $4.90 per share (in each case, subject to customary anti-dilution and other adjustments in accordance with the terms of the Warrant). In connection with the Reporting Persons and the Issuers agreement to terminate the
development and license agreement, the Issuer agreed to amend the Warrant to be exercisable until the later of December 31, 2017 and the date that is six months following the date that sufficient shares of the Common Stock have been authorized
to enable full exercise of the Warrant. On June 29, 2017, the Issuers stockholders approved the amendment and restatement of the Issuers certificate of incorporation to increase the maximum number of authorized shares of Common
Stock. On December 5, 2017, the Reporting Person exercised the Warrant in full to acquire 8,655,804 shares of Common Stock.
Registration
Rights Agreement
On the Equity Closing Date, the Reporting Person entered into a Registration Rights Agreement with the Issuer pursuant to which
the Issuer agreed to file a registration statement in respect of the Shares, which the Issuer filed on July 31, 2017. The Issuer also agreed to other customary obligations regarding registration of the Shares, including matters relating to
indemnification, maintenance of the registration statement and payment of certain expenses.
The foregoing description of the Stock Purchase Agreement,
Warrant Agreement, Warrant and the Registration Rights Agreement does not purport to be complete and is qualified by reference to the full text of such agreements filed as Exhibits 99.1 through 99.4 to the initial Schedule 13D.
SIGNATURE
After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: December 6,
2017
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SEATTLE GENETICS, INC.
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By:
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/s/ Clay B. Siegall
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Name:
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Clay B. Siegall
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Title:
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President and Chief Executive Officer
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