On Mar. 7, 2001, Seattle Genetics launched its IPO and sold 7 million shares at $7 per share for gross proceeds of $49 million. The company was incorporated in 1998 in Bothell as a biotechnology company focused on developing and commercializing innovative, empowered antibody-based therapies for the treatment of cancer. The company had 46 employees as of Dec. 31, 2000.

Seagen was an emerging multi-product, global biotechnology company that employed more than 1,600. ADCETRIS (brentuximab vedotin) utilized the company’s industry-leading antibody-drug conjugate (ADC) technology and is approved for the treatment of multiple CD30-expressing lymphomas.