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Seattle Genetics Files For Initial Public Offering of Common Stock
November 20, 2000 at 12:00 AM EST

Bothell, WA - November 20, 2000 - Seattle Genetics, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock.

All of the shares to be registered will be offered by Seattle Genetics. J.P. Morgan & Co. and CIBC World Markets are co-lead managers of the offering, with J.P. Morgan acting as sole bookrunning manager. Banc of America Securities LLC is acting as a co-manager. Copies of the preliminary prospectus, when available, may be obtained from J.P. Morgan & Co., 60 Wall Street, New York, NY 10260, telephone number: (212) 648-9922.

Seattle Genetics discovers and develops monoclonal antibody, or mAb, based drugs to treat cancer and related diseases. The company has four mAb-based technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins, and antibody-directed enzyme prodrug therapy. Using these technologies, 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. Additionally, the company has a collaboration with Genentech to develop one of its product candidates.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under securities laws of such state.