ARTICLE | Financial News
Seattle Genetics prices $600M follow-on
February 1, 2018 7:19 PM UTC
Seattle Genetics Inc. (NASDAQ:SGEN) raised $600 million on Thursday through the sale of 11.5 million shares at $52 in a bumped-up follow-on underwritten by Barclays and J.P. Morgan. The price is a 6% discount to Seattle Genetics' close of $55.21 on Tuesday, the day before the offering was announced.
The company said it plans to use a portion of the offering to fund its $614 million acquisition of cancer company Cascadian Therapeutics Inc. (NASDAQ:CASC), announced Wednesday (see BioCentury Extra, Jan. 31)...