Seattle Genetics Raising $118M

Eric Hal Schwartz8/11/09

Seattle Genetics (NASDAQ: SGEN) announced today that it will be selling 11 million shares of common stock in an underwritten public offering for $10.75 a share. This is expected to raise about $118.2 million for the Bothell, WA-based developer of antibody cancer drugs. The offering is expected to close by Monday. Seattle Genetics’ stock price was $10.99 at market closing Tuesday, so the new offering gives buyers approximately two percent in savings.

Eric Hal Schwartz was an intern in Xconomy's Seattle office.