Seattle Genetics Inc. priced and upsized a previously announced offering of shares.
The company will sell 11,538,461 shares at $52 each to raise $600 million in gross proceeds. The company was originally looking to raise $550 million.
The Bothell, Wash.-based biotechnology company expects to close the offering by Feb. 5 with Barclays Capital Inc. and J.P. Morgan Securities LLC acting as joint book-running managers.
The underwriters have an option to purchase an additional 1,730,769 shares.
The company 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.
