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Seattle Genetics Eyes USD 440m Raise from Common Stock Offering.

M2 PHARMA-July 25, 2019-Seattle Genetics Eyes USD 440m Raise from Common Stock Offering


- US-based biotechnology company Seattle Genetics, Inc. (NASDAQ: SGEN) has commenced an underwritten public offering of 6m shares of its common stock, the company said.

All of the shares are being offered by Seattle Genetics.

In addition, Seattle Genetics expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 900,000 shares of its common stock solely to cover overallotments at the public offering price, less the underwriting discounts and commissions.

The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.

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 and Co. LLC are acting as joint book-running managers for the offering.

Seattle Genetics is a biotechnology company that develops and commercialises therapies targeting cancer.

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Publication:M2 Pharma
Date:Jul 25, 2019
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