A Seattle metro area based biotechnology company called Seattle Genetics has increased the amount of stock it is offering for sale to the public. Initially, Seattle Genetics held a public offering in the amount of $480 million dollars in stock. Now the company has exercised its over allotment option, allowing it to raise even more capital. The over allotment option expands the company’s initial public offering to over half a million dollars at $552 million total.
Clay Siegall of Seattle Genetics said the reason why the company expanded its initial public stock offering was because of the massive interest from investors. The CEO and co-founder of the biotech company said that much of the capital would go to research and development of new drugs currently in the company’s pipeline. Capital would also go to finding alternative uses for its patented drug called Adcetris.
Mr. Siegall also added that some capital would go towards expanding the company. What he means is that the firm is expected to grow. Dr. Siegall projects that Seattle Genetics will hire close to 100 people per year in the next few years. The amount of employees should reach about 1,300 in five years, he projects. The company is also in the hunt for additional research and lab space. As the company grows, Clay Siegall says more infrastructure and space will be required to keep up with growth.
Clay Siegall co-founded Seattle Genetics in 1998 and is now the chief executive officer of the firm. He also serves on the board of directors at three other biotechnology firms. These are Mirna Therapeutics, Inc., Ultragenyx Pharmaceutical, and Alder Biopharmaceuticals Inc. He has studied zoology at the University of Maryland and later genetics at the The George Washington University.
In 2012, Clay Siegall received the Ernest & Young Award for the Pacific Northwest Entrepreneur of the year award for his work with Bothell, based Seattle Genetics. Dr. Siegall has also worked at the Bristol-Myers Squibb Pharmaceutical Research Institute for seven years. Additionally, he has held a post at the National Cancer Insitute which is part of the National Institute of Health for three years.