UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Seattle Genetics, Inc
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.001 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
812578102
-----------------------------------------------------------------------
(CUSIP Number)
Leo Kirby
667 Madison Avenue, 17th Floor
New York, NY 10021
(212) 521-2418
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 14, 2007
-----------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 6 Pages
SCHEDULE 13D
---------------------- -----------------
CUSIP No. 812578102 Page 2 of 6 Pages
---------------------- -----------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Julian C. Baker
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)[ ]
(b) X
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------------------ -------- ----------------------------------------------
7 SOLE VOTING POWER
0
-------- ----------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 10,325,089
OWNED BY -------- ----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
10,325,089
--------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,325,089
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) X
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.7%
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------- ----------------------------------------------------------------------
Page 2 of 6 Pages
SCHEDULE 13D
---------------------- -----------------
CUSIP No. 812578102 Page 3 of 6 Pages
---------------------- -----------------
--------- ----------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Felix J. Baker
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)
(b) X
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------------------ -------- ----------------------------------------------
7 SOLE VOTING POWER
20,000
-------- ----------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 10,325,089
OWNED BY -------- ----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 20,000
WITH -------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
10,325,089
--------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,345,089
--------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) X
--------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.7%
--------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------- ----------------------------------------------------------------------
Page 3 of 6 Pages
This Amendment No. 2 to Schedule 13D is being filed by Julian C. Baker
and Felix J. Baker (the "Reporting Persons") to supplement the statements on
Schedule 13D previously filed by them, as heretofore amended. Except as
supplemented herein, such statements, as heretofore amended and supplemented,
remain in full force and effect.
Item 5. Interest in Securities of the Issuer.
Set forth below is the aggregate number of shares of Common Stock held,
including shares that maybe acquired upon conversion of Preferred Stock and
shares that maybe acquired upon the exercise of Warrants and Options, as of the
date hereof by each of the following, together with the percentage of
outstanding shares of Common Stock that such number represents based upon
58,359,315 shares outstanding, according to The Company's SEC 10-Q Filing on
November 7, 2006. Such percentage figures are calculated on the basis that the
shares of Preferred Stock, Warrants and Options owned by the Reporting Persons
are deemed converted into or exercised for shares of Common Stock but other
outstanding shares of Preferred Stock, Warrants and Options are not deemed
converted or exercised.
Percent of class
Name Number of Shares Outstanding
--------------------------------------------------------------------------------
Baker Bros. Investments, L.P. 266,495 0.5%
--------------------------------------------------------------------------------
Baker Bros. Investments II, L.P. 272,518 0.5%
--------------------------------------------------------------------------------
Baker Biotech Fund I, L.P. 3,594,305 6.2%
--------------------------------------------------------------------------------
Baker Brothers Life Sciences, L.P. 5,746,112 9.8%
--------------------------------------------------------------------------------
14159, L.P. 75,598 0.1%
--------------------------------------------------------------------------------
Baker/Tisch Investments, L.P. 370,061 0.6%
--------------------------------------------------------------------------------
Felix J. Baker 20,000 0.0%
--------------------------------------------------------------------------------
Total 10,345,089 17.7%
--------------------------------------------------------------------------------
By virtue of their ownership of entities that have the power to control the
investment decisions of the limited partnerships listed in the table above,
Julian C. Baker and Felix J. Baker may each be deemed to be beneficial owners of
shares owned by such entities and may be deemed to have shared power to vote or
direct the vote of and shared power to dispose or direct the disposition of such
securities.
The entities noted below are parties to a voting agreement contained in the
Investors Rights Agreement referred to in Item 6 of the Schedule 13D previously
filed on June 23, 2006. The parties to the voting agreement may be deemed to
constitute a "group" for purposes of Section 13(d) of the Act. The Reporting
Persons disclaim beneficial ownership of such shares held by such other persons,
and such shares are excluded from the table above.
The following transactions in Common Stock were effected by the entities noted
below during the sixty days preceding the filing of this statement. None of the
reporting Persons has effected any other transactions in Common Stock during
this period.
Page 4 of 6 Pages
------------------------------------------------------------------------------------------------
Price/
Name Date Number of Shares Transaction Share
------------------------------------------------------------------------------------------------
Baker Brothers Investments, L.P. 7/14/2007 74,127 Sale 8.76
------------------------------------------------------------------------------------------------
Baker Brothers Investments II, L.P. 7/14/2007 75,803 Sale 8.76
------------------------------------------------------------------------------------------------
Baker Brothers Life Sciences, L.P. 7/14/2007 1,599,792 Sale 8.76
------------------------------------------------------------------------------------------------
Baker Biotech Fund I, L.P. 7/14/2007 999,782 Sale 8.76
------------------------------------------------------------------------------------------------
Baker/ Tisch Investments, L.P. 7/14/2007 102,935 Sale 8.76
------------------------------------------------------------------------------------------------
14159, L.P. 7/14/2007 19,561 Sale 8.76
------------------------------------------------------------------------------------------------
Exhibit 4. Agreement regarding the joint filing of this statement.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
February 16, 2007
By: /s/ Julian C. Baker
------------------------------
Julian C. Baker
By: /s/ Felix J. Baker
------------------------------
Felix J. Baker
Page 5 of 6 Pages
EXHIBIT 4
AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree that this Statement on Schedule 13D
relating to the Common Stock, $0.001 par value, of Seattle Genetics, Inc. is
being filed with the Securities and Exchange Commission on behalf of each of
them.
February 15, 2007
By: /s/ Julian C. Baker
------------------------------
Julian C. Baker
By: /s/ Felix J. Baker
------------------------------
Felix J. Baker
Page 6 of 6 Pages