Seattle Genetics has been continuing its projects with the largest funding possible. The company has increased its $480 million public stock offering to $552 million. They did this because of the over-allotment option.
Seattle Genetics has been able to increase the stock amounts because of the large amounts of interest offered from investors. In addition to using the funds for drug pipeline and expanding the use of its flagship cancer drug Adcetris, Seattle Genetics will continue to bring in more employees and expand their work environment. The company is planning on hiring at least one hundred new employees every year over the course of the next five years. That would mean the company would have to make room for over 1200 employees by 2020.
Seattle Genetics is looking at other buildings to lease near Canyon Park area of Bothell. The company is located at 21823 30th Dr. S.E. The company is working on pushing growth as fast as possible. There have been no promises yet, but there are expected to be more buildings under their name in the new future.
Seattle Genetics was founded in 1998. The have now grown to be one of the largest biotech companies. However, they are not at the stage where they can earn much profit. The company has made a good amount of profit from selling Adcetris, but all the medical equipment and research costed the company a lot of money. CEO of the company, Siegall, has said that the lack of profit thus far has nothing to do with future growth. There is still so much to build.
It is common for biotech companies to to take a long time before earning any significant profit. Seattle Genetics is continuing their research to find all possible uses for Adcetris beyond cancer. They will continue to advance drugs through their pipeline.
Clay Siegall is the president of Seattle Genetics. He earned his Bachelor of Science in Zoology at the University of Maryland and a Doctor of Philosophy. He helped grow the company until it became an industry leader. Siegall has multiple licenses with affiliated companies such as ADC technology, including with Genentech (Roche), AbbVie, GlaxoSmithKline and Pfizer. He has earned $675 million through public and private funding.