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news.Seattle Genetics, a clinical-stage biotechnology company, has announced the pricing of an underwritten public offering of 5.74 million shares of its common stock. Upon closing, the aggregate price to the public will be approximately $55.8 million. UBS Investment Bank acted as sole manager for the offering.
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Seattle Genetics intends to use the net proceeds from this offering to fund research and development, including clinical trials and manufacturing campaigns for its proprietary product candidates, and for general corporate purposes, including working capital.
In addition, as previously announced, Seattle Genetics has agreed to sell 1.18 million shares of common stock in a private placement to Baker Brothers Life Sciences and its affiliated funds (BBLS), subject to stockholder approval.
BBLS has agreed to pay the same price per share as the investors in the underwritten public offering. If approved, the transaction with BBLS will generate approximately $11.5 million in gross proceeds.