Seattle Genetics has increased its public stock offering to the public from $480 million to $552 million. The company has been able to raise its offering by exercising its over-allotment power.
Seattle Genetics’ CEO, Clay Siegall, said that the company decided to increase its allotment because many investors had interests in the company. Mr. Clay Siegall stated that the invested funds would not only be used to develop their drug pipeline but shall also be used to expand the company’s production of the cancer drug, Adcetrics.
The company shall also invest some of the funds to develop other infrastructures, expand its customer base, and increase its employees’ productivity through training. Mr. Clay also stated that the company is projected to be hiring up to 100 new employees annually.
He said that the firm’s workforce is expected to comprise of over 1300 people by 2020 if his projections are right. Responding to the company’s projected growth, its management seeks to lease bigger offices and may vacate their current location at Canyon Park building.
Clay Siegall founded Seattle Genetics over 18 years ago but the firm is yet to break even. Mr. Clay said that the firm’s inability to attain profitability was not an immediate concern to them because their current plan is to expand operations and not to achieve profitability.
The CEO also revealed that the company could be profitable if its leadership was to divert its focus from expansion. However, Mr. Clay maintained, the company’s leadership was focused on implementing growth and expansion plans that made it hard for the firm to break even.
Clay Siegall is the founder of Seattle Genetics and has been serving the company as its CEO since its inception. He holds a P.H.D in genetics from George Washington University. He also holds a bachelor’s degree in science (zoology) from Maryland University.
Before founding Seattle Genetics, Clay Siegall worked with Bristol-Myers Squibb Pharmaceutical Research Institute. He was named the entrepreneur of the year by Northwest Ernst and Young in 2012. He was also honored as the alumnus of the year for University of Maryland in 2013.