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
X	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, LLC 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) 05/15/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person 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								2,263,980	D
Class A Common Stock	05/15/2008		S		12,328	D	$10.14(10)	523,403	I	See Footnote(1)
Class A Common Stock	05/15/2008		S		1,681	D	$10.14(10)	71,352	I	See Footnote(2)
Class A Common Stock	05/15/2008		S		6,257	D	$10.14(10)	265,662	I	See Footnote(3)
Class A Common Stock	05/15/2008		S		697	D	$10.14(10)	29,598	I	See Footnote(4)
Class A Common Stock	05/15/2008		S		4,633	D	$10.14(10)	196,693	I	See Footnote(5)
Class A Common Stock	05/15/2008		S		73,162	D	$10.14(10)	842,334	I	See Footnote(6)
Class A Common Stock	05/15/2008		S		621	D	$10.14(10)	26,383	I	See Footnote(7)
Class A Common Stock	05/15/2008		S		621	D	$10.14(10)	26,383	I	See Footnote(8)

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	(FN)(1)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	13,826		13,826	I	(FN)(2)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	51,478		51,478	I	(FN)(3)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	5,736		5,736	I	(FN)(4)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	38,114		38,114	I	(FN)(5)
Warrants	$6.25							07/08/2003	12/31/2011	Common Stock	132,331		132,331	I	(FN)(6)
Stock Options (Right to Purchase)	$7.26							05/16/2005	05/16/2014	Common Stock	10,000		10,000	I	(FN)(9)
Stock Options (Right to Purchase)	$5.11							05/12/2006	05/12/2015	Common Stock	10,000		10,000	I	(FN)(9)
Stock Options (Right to Purchase)	$10.2							05/24/2008	05/25/2017	Common Stock	10,000		10,000	I	(FN)(9)

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 A, 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 (Cayman), 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 has no pecuniary interest in such securities.

7. The amount shown represents the beneficial ownership of the Issuer's equity securities by H&Q Holdings, Inc. The Reporting Person has no pecuniary interest in such securities.

8. The amount shown represents the beneficial ownership of the Issuer's equity securities by H&Q Employee Venture Fund 2000, L.P. The Reporting Person has no pecuniary interest in such securities.

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.

10. $10.14 represents an average per share sale price for the shares sold on 5/15/2008. The sale price for shares sold on this day ranged from $10.03 to $10.36.

	/s/ John C Wilmot, Manager Director, J.P. Morgan Partners (BHCA), L.P., JPMP Master Fund Manager, L.P., its general partner, JPMP Capital Corp., its general partner	05/19/2008
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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