Seattle Genetics to raise $49 million

Seattle Genetics has priced its initial public offering of 7 millionshares of common stock at $7.00 each, which includes a $2 million investment purchased directly by Genentech. JP Morgan and CIBC World Markets are co-lead managers of the offering. In a private placement concurrent with the closing of the IPO, Medarex, a collaborative partner of Seattle, will purchase just under 290,000 shares, also a $2 million investment.

The firm, which discovers and develops monoclonal antibodies to treat cancer and related diseases, intends to use the proceeds from the offering to fund preclinical R&D, contract manufacturing activities and other general corporate purposes. Seattle has four MAb-based technologies, and claims to have assembled a portfolio of candidates targeted to many types of human cancers, including two currently being tested in clinical trials.