Seattle Genetics plans stock sale worth $106.6 million based on Monday’s close

Seattle Genetics plans to sell shares

BOTHELL, Wash. —Biotechnology company Seattle Genetics Inc. said on Monday it will sell 9 million shares of common stock, with a 30-day option for underwriters to buy another 1.35 million shares.

Joint book-runners are JPMorgan and Goldman Sachs.

Based on Monday’s closing price of $11.84, selling 9 million shares would raise almost $106.6 million. The company did not say what it will use the money for. Its shares fell 64 cents, or 5.4 percent, to $11.20 after the announcement was made.