New Issue: Seattle Genetics raises $38.3 million in follow-on of 7.3 million shares at $5.25 each

By Ronda Fears

Memphis, March 30 - Seattle Genetics, Inc. raised $38.3 million in gross proceeds from a follow-on offering of 7.3 million shares of common stock off the shelf priced at $5.25 each, a premium from Wednesday's closing level of $5.18, via joint lead bookrunners Banc of America Securities LLC and CIBC World Markets.

In addition, the Bothell, Wash.-based company raised $6 million from the direct placement of 1,129,015 shares to investment funds affiliated with Baker Brothers Investments, also at $5.25 each.

Seattle Genetics develops monoclonal antibody-based therapies for the treatment of cancer and immunologic diseases.

Follow-on offering

Issuer:	Seattle Genetics, Inc.
Issue:	Follow-on stock offering
Gross proceeds:	$38.3 million
Net proceeds:	$37.2 million
Shares:	7.3 million shares
Price:	$5.25 per share
Bookrunners:	Banc of America Securities LLC and CIBC World Markets
Pricing date:	March 29
Settlement date:	April 3
Stock symbol:	Nasdaq: SGEN
Stock price:	$5.18 at close March 29
Direct placement
Issuer:	Seattle Genetics, Inc.
Issue:	Direct placement
Amount:	$5,927,328.75
Shares:	1,129,015 shares
Price:	$5.25 per share
Investors:	Investment funds affiliated with Baker Brothers Investments
Pricing date:	March 29
Stock symbol:	Nasdaq: SGEN
Stock price:	$5.18 at close March 29

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