Seattle Genetics Inc. said the underwriters of its previously announced stock offering fully exercised their overallotment option to acquire an additional 1,730,769 shares.
The Bothell, Wash.-based biotechnology company will now raise about $690 million via the sale of 13,269,230 shares at $52 each.
Seattle Genetics will use the net proceeds to fund the $614 million acquisition of Cascadian Therapeutics Inc.
In case the acquisition does not pull through, the company will use the proceeds to fund the ongoing commercialization and label extension of its cancer drug Adcetris in the U.S. and Canada.
The offering is expected to close on Feb. 5, subject to customary closing conditions.
Barclays Capital Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.
