Seattle Genetics Raises $155M for Brentuximab Vedotin.

Staff Writer

Seattle Genetics Inc. expects to fund potential regulatory approval and the commercial launch of brentuximab vedotin, its candidate in Hodgkin lymphoma and anaplastic large cell lymphoma (ALCL), with some of the $155 million grossed from an underwritten public offering of 10 million shares of common stock at $15.50 per share, about 4 percent below Tuesday's closing price.

Underwriters have a 30-day option to purchase as much as 1.5 million additional shares to cover any overallotments, potentially another $23.25 million.

Shares in the Bothell, Wash.-based company (NASDAQ:SGEN) were down 62 cents, to close at $15.55 Wednesday.

Jefferies & Co. Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering, which is expected …