On Jan. 13, 1998, Seattle Genetics (Seagen) was founded in Bothell as a biotechnology company focused on developing and commercializing innovative, empowered antibody-based therapies for the treatment of cancer.

On Mar. 7, 2001 the company launched its IPO and sold 7 million shares at $7 per share for gross proceeds of $49 million. The company had 46 employees as of Dec. 31, 2000.