SGEN Prices Offering At $41/Share

(RTTNews) - Seattle Genetics Inc. (SGEN) has offered to sell about 11.71 million shares of its common stock to the public at a price of $41.00 per share. The underwriters of the offering have been granted a 30-day option to purchase up to an additional 1.76 million shares.

The offering, which is expected to rake in gross proceeds of approximately $480 million, is scheduled to close on or about September 16, 2015.

The company's lead product is ADCETRIS, a CD30-targeted antibody-drug conjugate that, in collaboration with Takeda Pharmaceutical Co. Ltd. has received approval from the FDA for three indications:

(1) regular approval for the treatment of patients with classical Hodgkin's lymphoma (HL) after failure of auto-HSCT (hematopoietic stem cell transplantation) or after failure of at least two prior multi-agent chemotherapy regimens in patients who are not auto-HSCT candidates,

(2) regular approval for the treatment of classical HL patients at high risk of relapse or progression as post-auto-HSCT consolidation, and

(3) accelerated approval for the treatment of patients with sALCL (systemic anaplastic large cell lymphoma) after failure of at least one prior multi-agent chemotherapy regimen.

Additionally, ADCETRIS is being evaluated broadly in more than 30 ongoing clinical trials in CD30-expressing malignancies.

A phase III trial evaluating ADCETRIS versus investigator's choice of methotrexate or bexarotene in 132 patients with CD30-expressing cutaneous T-cell lymphoma (CTCL) who received prior systemic therapy completed enrollment last month. Data from this study, dubbed ALCANZA, are anticipated in the second half of 2016.

For 2015, ADCETRIS net product sales in the U.S. and Canada are expected to be in the range of $210 million to $220 million. The drug logged in net sales of $178.2 million in 2014.

SGEN closed Thursday's trading at $41.58, up 0.70%.