BOTHELL, Wash.--(BW HealthWire)--March 7, 2001--Seattle Genetics, Inc. (Nasdaq:SGEN - news) announced today the pricing of its initial public offering of 7,000,000 shares of common stock at $7.00 per share.
The offering includes a $2 million investment, or 285,714 shares, purchased directly by Genentech, Inc. JP Morgan and CIBC World Markets are co-lead managers of the offering, with JP Morgan acting as sole bookrunning manager. Banc of America Securities LLC is acting as a co-manager. The underwriters were also granted the option to purchase an additional 1,007,143 shares of common stock to cover over-allotments, if any. In a private placement concurrent with the closing of the public offering, Medarex Inc., a collaborative partner of Seattle Genetics, will purchase 285,714 shares of common stock at the initial public offering price of $7.00 per share, for a total investment of $2 million.
The Company intends to use the net proceeds from the offering to fund preclinical research and development activities, contract manufacturing activities, clinical trial activities and for other general corporate purposes, including capital expenditures and working capital.
Seattle Genetics discovers and develops monoclonal antibody, or mAb, based drugs to treat cancer and related diseases. The Company has four mAb-based technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins and antibody-directed enzyme prodrug therapy. Using these technologies, Seattle Genetics has assembled a portfolio of drug candidates targeted to many types of human cancers, including two currently being tested in clinical trials. Additionally, the Company is collaborating with Genentech to develop certain product candidates discovered by Seattle Genetics. |
