Seattle Genetics, Inc. (Nasdaq: SGEN) today announced the completion of its previously announced underwritten public offering of 8,214,286 shares of its common stock at a price to the public of $70.00 per share, including 1,071,428 shares sold pursuant to the exercise in full of the underwriters' overallotment option to purchase additional shares. All of the shares were sold by Seattle Genetics. Including the option exercise, the aggregate gross proceeds to Seattle Genetics from the offering, before deducting the underwriting discounts and commissions and offering expenses, were approximately $575 million.

Seattle Genetics anticipates using the net proceeds from the offering to fund ongoing commercialization of ADCETRIS in the United States and Canada, to fund its activities in preparation for the potential commercial launch of enfortumab vedotin, if approved by the FDA, to fund its research and development efforts designed to further expand the ADCETRIS label and to advance its pipeline of product candidates, as well as for general corporate purposes, including working capital. Seattle Genetics may also use a portion of the net proceeds to in-license, acquire or invest in complementary products, technologies, businesses or other assets or pursue other strategic opportunities although at this time Seattle Genetics has no material agreements or commitments with respect to any new in-license or acquisition opportunity.

J.P. Morgan Securities LLC, SVB Leerink LLC and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering. Barclays Capital Inc., RBC Capital Markets, LLC and Guggenheim Securities, LLC acted as co-managers for the offering.

A shelf registration statement relating to the shares was previously filed with and became effective by rule of the Securities and Exchange Commission. The offering was made solely by means of a prospectus. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the Securities and Exchange Commission and is available on the Securities and Exchange Commission's website located at http://www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@svbleerink.com; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at Prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Seattle Genetics

Seattle Genetics is a biotechnology company that develops and commercializes therapies targeting cancer.

Forward Looking Statements

Certain of the statements made in this press release are forward looking, such as those, among others, relating to Seattle Genetics’ anticipated use of net proceeds from the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, factors that result in changes to Seattle Genetics’ anticipated use of proceeds. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.