Seattle Genetics (ticker: SGEN, exchange: NASDAQ Global Market (.O))
News Release -
Seattle Genetics Announces Common Stock Offering
BOTHELL, Wash.--(BUSINESS WIRE)--March 28, 2006--Seattle Genetics,
Inc. (NASDAQ:SGEN) announced today that it intends to issue and sell
7,300,000 shares of common stock in an underwritten public offering
pursuant to an effective registration statement. Banc of America
Securities LLC and CIBC World Markets will act as joint book-running
managers for the offering.
In addition, Seattle Genetics has agreed to sell 1,129,015 shares
of common stock to investment funds affiliated with Baker Brothers
Investments (BBI), subject to stockholder approval. BBI will pay a
price per share equal to the price paid by the investors in the
underwritten offering. The company will seek stockholder approval
prior to completing the sale to BBI as required by Nasdaq. Felix
Baker, Ph.D., Managing Partner at BBI, is a member of Seattle
Genetics' Board of Directors.
A registration statement relating to these securities was filed
with the Securities and Exchange Commission and declared effective on
August 4, 2005. This offering will be made pursuant to a prospectus
supplement to the registration statement. Copies of the prospectus
supplement relating to this offering of common stock, when available,
may be obtained from Banc of America Securities LLC, Attn: Prospectus
Department, 100 West 33rd Street, New York, NY 10001 or via e-mail at
firstname.lastname@example.org or from CIBC World
Markets Corp. via e-mail at email@example.com or by faxing
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state.
Seattle Genetics is a biotechnology company focused on the
development of monoclonal antibody-based therapies for the treatment
of cancer and immunologic diseases.
CONTACT: Seattle Genetics, Inc.
Peggy Pinkston, 425-527-4160
SOURCE: Seattle Genetics, Inc.