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Seattle Genetics and Medarex Establish Alliance to Develop Human Antibody Therapeutics
February 7, 2001 at 12:00 AM EST

Medarex to invest $2 million in Seattle Genetics

Bothell, WA and Princeton, NJ: February 7, 2001— Seattle Genetics, Inc. and Medarex, Inc. (Nasdaq: MEDX) today announced the formation of a strategic alliance through which the two companies expect to utilize Medarex's UltiMAb™ Human Antibody Development SystemSM to jointly develop and commercialize monoclonal antibody-based therapeutic products against specific cancer targets.

Under this alliance, Seattle Genetics will provide the collaboration with novel cancer targets. Medarex plans to generate fully human antibodies to these targets using its UltiMAb Human Antibody Development System. The two companies will share preclinical and clinical development costs and have the right to jointly commercialize any resulting products. In addition, Medarex will purchase $2 million of common stock directly from Seattle Genetics in a private placement concurrent with Seattle Genetics' proposed initial public offering.

“We are very pleased to add Seattle Genetics as a partner,” said Donald L. Drakeman, President and Chief Executive Officer of Medarex. “We are impressed by Seattle Genetics' proven ability to discover and move products into the clinic. By combining their efforts with Medarex's UltiMab technology, we believe this partnership positions both companies to rapidly develop and commercialize fully human antibody therapeutics.”

Seattle Genetics discovers and develops monoclonal antibody, or mAb, -based therapeutics to treat cancer and related diseases. Seattle Genetics utilizes its mAb-based technologies to increase the potency and efficacy of antibodies with specificity for cancer. Seattle Genetics has four mAb-based technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins, and antibody-directed enzyme prodrug therapy. Using these technologies and its expertise in cancer, Seattle Genetics has built a diverse portfolio of drug candidates targeted to many types of human cancers, including two currently being tested in clinical trials. For more information about Seattle Genetics, visit its web site at www.seattlegenetics.com.

Medarex is a biopharmaceutical company developing monoclonal antibody-based therapeutics to fight cancer and other life-threatening and debilitating diseases. Medarex has assembled a broad platform of patented technologies for antibody discovery and development, including the UltiMAb™ Human Antibody Development SystemSM for the creation of high-affinity, fully human antibodies; T-12 DevelopmentSM offering the potential to move from target to trial in approximately 12 months; and Trans-Phage TechnologySM combining high throughput screening with fully human antibody development. Medarex creates and develops fully human antibodies for itself and others, offering a full range of antibody development capabilities, including pre-clinical and clinical manufacturing services. For more information about Medarex, visit its web site at www.medarex.com.

For Seattle Genetics: This press release contains information about future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements are identified by words such as “will,” “anticipated,” “intends” or “has agreed to” and by other descriptions of future circumstances or conditions. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. For example, Medarex's investment in Seattle Genetics is conditioned on completion by Seattle Genetics of an initial public offering by June 2, 2001, which may not occur due to market conditions or a number of other factors. More information about the risks and challenges faced by Seattle Genetics is contained in Seattle Genetics' registration statement on Form S-1, which has been filed with the Securities and Exchange Commission but has not yet become effective. The securities proposed to be sold in Seattle Genetics' initial public offering may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of such state.

For Medarex: Except for the historical information presented herein, matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements which are preceded by, followed by, or that include the words “believes”; “anticipates”; “plans”; “expects”; “estimates”; or similar statements are forward-looking statements. Risks and uncertainties include risks associated with product discovery and development as well as risks detailed from time to time in Medarex's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including Medarex's Annual Report on Form 10-K for the fiscal year ended December 31, 1999 and subsequent Quarterly Reports on Form 10-Q. Copies of Medarex's respective public disclosure filings are available from its investor relations department. There can be no assurance that such discovery or development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success.

CONTACT:
For Seattle Genetics:
Peggy Pinkston
Manager of Investor Relations
Seattle Genetics
425-489-5450
ppinkston@seagen.com

For Medarex:
Donald L. Drakeman
President and CEO
Medarex, Inc.
609-430-2880
www.medarex.com

Kelly O'Brien
Middleberg Euro
212-699-2541
Kelly@middleberg.com

HuMAb-Mouse® is a registered trademark of Medarex, Inc. UltiMAb™ is a trademark of Medarex, Inc. Human Antibody Development SystemSM, T-12 DevelopmentSM and Trans-Phage TechnologySM are service marks of Medarex, Inc.