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news.Seattle Genetics has agreed to sell an aggregate of 10 million shares of its common stock in an underwritten public offering at a price of $9 per share.
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The company has also granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of common stock to cover over-allotments, if any. All of the shares are being offered by Seattle Genetics. The offering is expected to close on or about January 24, 2008, subject to customary conditions.
Seattle Genetics expects to receive net proceeds of $84.8 million from the sale of 10 million shares of common stock. The company anticipates using the net proceeds from the sale to fund research and development, including clinical trials, and for general corporate purposes, including working capital.