SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* JP MORGAN PARTNERS BHCA LP (Last) (First) (Middle) J.P. MORGAN PARTNERS 270 PARK AVENUE (Street) NEW YORK NY 10017 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol SEATTLE GENETICS INC /WA [ SGEN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 02/09/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A. Common Stock	02/09/2007		C		1,492,780	A	(7)	1,492,780	D
Class A. Common Stock	02/09/2007		C		251,520	A	(7)	251,520	I	See Footnote(1)
Class A. Common Stock	02/09/2007		C		127,660	A	(7)	127,660	I	See Footnote(2)
Class A. Common Stock	02/09/2007		C		34,290	A	(7)	34,290	I	See Footnote(3)
Class A. Common Stock	02/09/2007		C		14,230	A	(7)	14,230	I	See Footnote(4)
Class A. Common Stock	02/09/2007		C		94,520	A	(7)	94,520	I	See Footnote(5)
Class A. Common Stock	02/09/2007		S		1,492,780	D	$8.57	0	D
Class A Common Stock	02/09/2007		S		251,250	D	$8.57	0	I	See Footnote(1)
Class A Common Stock	02/09/2007		S		127,660	D	$8.57	0	I	See Footnote(2)
Class A Common Stock	02/09/2007		S		34,290	D	$8.57	0	I	See Footnote(3)
Class A Common Stock	02/09/2007		S		14,230	D	$8.57	0	I	See Footnote(4)
Class A Common Stock	02/09/2007		S		94,520	D	$8.57	0	I	See Footnote(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	469,594		469,594	D
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	101,421		101,421	I	See Footnote(1)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	13,826		13,826	I	See Footnote(2)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	51,478		51,478	I	See Footnote(3)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	5,736		5,736	I	See Footnote(4)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	38,114		38,114	I	See Footnote(5)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	132,331		132,331	I	See Footnote(6)
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			149,278	07/08/2004	(8)	Common Stock	1,492,780	$8.57	226,398	D
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			25,152	07/08/2004	(8)	Common Stock	251,520	$8.57	55,985	I	See Footnnote(1)
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			12,766	07/08/2004	(8)	Common Stock	127,660	$8.57	28,416	I	See Footnnote(2)
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			3,429	07/08/2004	(8)	Common Stock	34,290	$8.57	7,632	I	See Footnnote(3)
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			1,423	07/08/2004	(8)	Common Stock	14,230	$8.57	3,166	I	See Footnnote(4)
Series A Convertible Preferred Stock(7)	$2.5	02/09/2007		C			9,452	07/08/2004	(8)	Common Stock	94,520	$8.57	21,039	I	See Footnnote(5)
Stock Options (Right to Purchase)	$7.26							05/16/2006	05/16/2014	Common Stock	10,000		10,000	I	See Footnnote(9)
Stock Options (Right to Purchase)	$5.11							05/16/2006	05/16/2014	Common Stock	10,000		10,000	I	See Footnnote(9)

1. Name and Address of Reporting Person* JP MORGAN PARTNERS BHCA LP (Last) (First) (Middle) J.P. MORGAN PARTNERS 270 PARK AVENUE (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JPMP MASTER FUND MANAGER L P (Last) (First) (Middle) C/O JPMORGAN PARTNERS LLC 270 PARK AVENUE 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JPMP CAPITAL CORP (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JP MORGAN PARTNERS GLOBAL INVESTORS LP (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN LP (Last) (First) (Middle) C/O J P MORGAN PARTNERS 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* J P MORGAN PARTNERS GLOBAL INVESTORS A LP (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN II LP (Last) (First) (Middle) C/O J P MORGAN PARTNERS 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JP MORGAN PARTNERS GLOBAL INVESTORS SELLDOWN LLP (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JP MORGAN PARTNERS GLOBAL INVESTORS SELLDOWN II L P (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE, 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JPMP GLOBAL INVESTORS L P (Last) (First) (Middle) C/O J.P. MORGAN PARTNERS, LLC 270 PARK AVENUE 39TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors, L.P. The Reporting Person has no pecuniary interest in such securities.

2. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Cayman), L.P. The Reporting Person has no pecuniary interest in such securities.

3. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors A, L.P. The Reporting Person has no pecuniary interest in such securities.

4. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Cayman) II, L.P. The Reporting Person has no pecuniary interest in such securities.

5. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Selldown), L.P. The Reporting Person has no pecuniary interest in such securities.

6. The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Selldown II), L.P. The Reporting Person purchased these shares on the open market on April 6, 2006. The Reporting Person has no pecuniary interest in such securities.

7. The conversion price of the Series A Convertible Preferred Stock is equal to the initial purchase price divided by $2.50, as adjusted for stock splits, stock dividends, combinations and other similar capitalizations of the Issuer's Common and Preferred Stock. Initially this results in a 1 for 10 conversion ratio. Each share of Series A Convertible Preferred Stock is entitled to 0.93 votes for each share of Common Stock into which such share of Convertible Preferred Stock could then be converted.

8. All outstanding shares of the Issuer's Series A Convertible Preferred Stock are convertible at the holder's option into shares of the Issuer's Common Stock on a 10 to 1 basis any time after July 8, 2004. This right to convert does not expire.

9. These options were granted to Srinivas Akkaraju, a director of the Issuer. Mr. Akkaraju is obligated to transfer any shares issued under the Stock Option to J.P. Morgan Partners (BHCA), L.P. ("JPM BHCA") at the request of JPM BHCA.

	J.P. Morgan Partners (BHCA), L.P.	02/13/2007
	By: JPMP Master Fund Manager, L.P., its general partner	02/13/2007
	By: JPMP Capital Corp., its general partner	02/13/2007
	/s/ John C. Wilmot, Managing Director	02/13/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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