Seattle Genetics has recently announced that they’re planning to increase its public stock offering from $480 million to $552 million. The Bothell-based biotech company plans on accomplishing this by exercising its over-allotment option. Clay Siegall, CEO of Seattle Genetics, said the decision was made after receiving an exceptional amount of interest from perspective investors. Seattle Genetics plans to use the stocks proceeds to continue the growth of the company’s people and infrastructure, in addition to further developing their drug pipeline and increasing the use of their cancer drug Adcetris.
The Biotech company will hire 100 people every year for the next few years and accommodate Seattle Genetics higher headcount (roughly 1,300 by 2020) by leasing a larger space in Canyon Park. Instead of focusing on a short-term goal of achieving profitable success, Siegall said Seattle Genetic’s lack of is not of any concern as they move forward with the company’s plan to expand their business and drug advancements for cancer and other diseases.
Seattle Genetics was co-founded by Clay Siegall in 1998 and currently ranks as the company’s Chief Executive Officer (CEO), President, and is a member of the Board of Directors as Chairman. Dr. Siegall has guided the biotech company’s capital by raising more than $330 million from public offerings, private financing, and other money-raising activities.
Clay Siegall received a B.S at the University of Maryland for Zoology and his Ph.D. at George Washington University for Genetics Dr. Siegall currently serves as one of the Board of Directors for the Washington Biotechnology and Biomedical Association (the WBBA) and Alder BioPharmaceuticals, in addition to his held positions at Seattle Genetics. He also serves as one of the Board of Governors for the Fred Hutchinson Cancer Business Alliance. Before his involvement with Seattle Genetics, Dr. Siegall worked for the National Institutes of Health and the National Cancer Institute from 1988 to 1991. Between 1991 to 1997, he worked for the Bristol-Myers Squibb Pharmaceutical Research Institute. In January of 2014, Siegall joined Ultragenyx as a board member.