Seattle Genetics is one of the largest ever growing biotechnology company. It received the largest ever financing round in its last financial year. The company increased its public stock offering to give way to new investors. Previously, its public stock offering was set at $480 million; the last announcement saw an increase to $552 million. It made this possible through exercising its free over-allotment option.
Clay Seigall is the Chief Executive Officer of Seattle Genetics; he stated in a press conference that the company is increasing its stock offering after receiving a huge interest from clients. The interest received by the firm is attributed to its continuous publicity and growth. The CEO added that the firm is going to use the proceeds to fund critical developments. It is set to develop its drug pipeline, expand the use of drug Adcetris, a top flagship cancer drug and to expand the company in terms of infrastructure and people.
To accommodate the growth, the company is set to hire about 100 people in a year between the next couple of years. Such an increase should increase the company’s employees to 1,300. Other expansion strategies include eyeing spaces to lease such as the Canyon Park area of Bothell.
About Seattle Genetics & Clay Siegall
Seattle Genetics is a biotech company with a keen focus on commercializing and developing innovative treatments for cancer. The company, currently headquartered in Bothell Washington, is a leader regarding antibody drug conjugates. ADCs are a technology used to harness the ability of the immune system to deliver killing agents to cancer cells. The drug is intended to spare non-targeted cells; this reduces the toxic effect of traditional cancer killing cells process such as chemotherapy.
The Adcetris drug, the company’s flagship product, has been commercially available in 65 countries across several continents. The product has been sold in Canada, Japan, the European Union and the US. The company has collaborated with tons of other enterprises such as Takeda Pharmaceuticals to make its products commercially available worldwide. In addition to this, the company is addressing product pipeline to address medical needs that are unmet.