Seattle Genetics Announces Exercise of Over-Allotment Option

BOTHELL, Wash.--(BUSINESS WIRE)-- Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that the underwriters of its previously announced public offering of common stock have exercised in full their over-allotment option to purchase an additional 1,756,097 shares of common stock. Including this option exercise, total gross proceeds from the offering of an aggregate of 13,463,415 shares at a price to the public of $41.00 per share will be approximately $552 million, before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on September 16, 2015, subject to customary closing conditions.

Seattle Genetics anticipates using the net proceeds from the offering to fund the ongoing commercialization of ADCETRIS® (brentuximab vedotin) in the United States and Canada, 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.

J.P. Morgan Securities LLC acted as lead book-running manager for the offering. Leerink Partners LLC also acted as a book-running manager. UBS Securities LLC, Barclays Capital Inc., RBC Capital Markets, LLC, Needham & Company, LLC and William Blair & Company L.L.C. acted as co-managers.

A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and became automatically effective on September 9, 2015. The offering was made solely by means of a prospectus. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by e-mail at [email protected]; or Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6142, or by e-mail at [email protected].

About Seattle GeneticsSeattle Genetics is a biotechnology company focused on the development and commercialization of innovative antibody-based therapies for the treatment of cancer.

Forward Looking StatementsCertain of the statements made in this press release are forward looking, such as those, among others, relating to Seattle Genetics’ expectations regarding the anticipated closing date and use of the net proceeds from the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the terms to which the company has agreed or at all, market conditions and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Seattle Genetics is contained in the section captioned “Risk factors” in the final prospectus supplement related to the public offering filed with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150914005343/en/

Seattle Genetics, Inc.
Investors:
Peggy Pinkston, 425-527-4160
[email protected]
or
Media:
Tricia Larson, 425-527-4180
[email protected]

Source: Seattle Genetics, Inc.

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