Seattle Genetics said Monday it intends to sell 10 million shares, which at current stock prices could net the company more than $100 million...
Seattle Genetics said Monday it intends to sell 10 million shares, which at current stock prices could net the company more than $100 million.
The Bothell-based company is the area’s second-largest independent biotech firm. Its share price has more than doubled in the past year in the wake of a lucrative partnership with biotech giant Genentech and promising results in several of its experimental therapies.
The proceeds would fund research and clinical trials, as well as other corporate purposes, the company said in a regulatory filing. Seattle Genetics expects to spend between $55 million and $65 million in 2008, as it ramps up its clinical program and hires more employees, the filing said.
The offering’s underwriters will have a 30-day option to buy an additional 1.5 million shares.
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Seattle Genetics shares closed at $10.29, down 12 percent.