SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

BAKER FELIX

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/08/2003

3. Issuer Name and Ticker or Trading Symbol
SEATTLE GENETICS INC /WA [ SGEN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock Warrants (right to buy)	07/08/2003	12/31/2011	Common Stock	812,500	6.25	I	See Footnote⁽¹⁾⁽²⁾
Series A Convertible Preferred Stock	07/08/2004	08/08/1988⁽³⁾	Common Stock	6,500,000	2.5	I	See Footnote⁽¹⁾⁽²⁾

Explanation of Responses:

1. The securities are owned by Baker/Tisch Investments, L.P., Baker Bros. Investments, L.P., Baker Bros. Investments II, L.P., Baker Biotech Fund I, L.P., Baker Biotech Fund II, L.P. and Baker Biotech Fund (Z), L.P. (each, a "Limited Partnership"), which may be deemed to be controlled by the Reporting Person. The Limited Partnerships purchased the Warrants and 650,000 shares of Series A Convertible Preferred Stock, convertible into 6,500,000 shares of Common Stock, pursuant to a Securities Purchase Agreement, dated as of May 12, 2003, as amended on May 14, 2003 and June 2, 2003, with the Issuer.

2. Pursuant to an Investor Rights Agreement, dated July 8, 2003, among the Issuer and the holders of the Series A Convertible Preferred Stock of the Issuer, the Limited Partnerships have the right to designate a director of the Issuer. The Reporting Person has been appointed to the Issuer's board of directors in connection therewith. The Reporting Person disclaims beneficial ownership of the securities owned by the Limited Partnerships.

3. None.

	Felix J. Baker	07/08/2003
	** 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 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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