Seattle Genetics prices share offer
US firm Seattle Genetics has agreed to sell an aggregate of 10 million shares of its common stock in an underwritten public offering at a price to the public of $9.00 each. It has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares to cover over-allotments, if any. All of the shares are being offered by Seattle Genetics and this is set to close on or about January 24.
Seattle Genetics expects to receive net proceeds of around $84.8 million from the sale and anticipates using this to fund R&D, including clinical trials, and for general corporate purposes, as well as working capital.
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