FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * AKKARAJU SRINIVAS   2. Issuer Name and Ticker or Trading Symbol SEATTLE GENETICS INC /WA [SGEN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O PANORAMA MANAGEMENT, LLC, 2440 SAND HILL ROAD, SUITE 302 3. Date of Earliest Transaction (Month/Day/Year) 02/09/2007 (Street) MENLO PARK, CA 94025 4. If Amendment, Date 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 (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 02/09/2007   C   1,492,780 A (8) 1,492,780 I See Footnote (1) Class A Common Stock 02/09/2007   C   251,520 A (8) 251,520 I See Footnote (2) Class A Common Stock 02/09/2007   C   34,429 A (8) 34,429 I See Footnote (3) Class A Common Stock 02/09/2007   C   127,660 A (8) 127,660 I See Footnote (4) Class A Common Stock 02/09/2007   C   14,230 A (8) 14,230 I See Footnote (5) Class A Common Stock 02/09/2007   C   94,520 A (8) 94,520 I See Footnote (6) Class A Common Stock 02/09/2007   S   1,492,780 D $ 8.57 0 I See Footnote (1) Class A Common Stock 02/09/2007   S   251,520 D $ 8.57 0 I See Footnote (2) Class A Common Stock 02/09/2007   S   34,290 D $ 8.57 0 I See Footnote (3) Class A Common Stock 02/09/2007   S   127,660 D $ 8.57 0 I See Footnote (4) Class A Common Stock 02/09/2007   S   14,230 D $ 8.57 0 I See Footnote (5) Class A Common Stock 02/09/2007   S   94,520 D $ 8.57 0 I See Footnote (6)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

469,594

469,594

I

See Footnote (1)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

101,421

101,421

I

See Footnote (2)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

13,826

13,826

I

See Footnote (3)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

51,478

51,478

I

See Footnote (4)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

5,736

5,736

I

See Footnote (5)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

38,114

38,114

I

See Footnote (6)

Warrants

$ 6.25

07/08/2003

12/31/2011

Common Stock

132,331

132,331

I

See Footnote (7)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

149,278

07/03/2004

(9)

Common Stock

1,492,780

$ 8.57

226,398

I

See Footnote (1)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

25,152

07/03/2004

(9)

Common Stock

251,520

$ 8.57

55,985

I

See Footnote (2)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

3,429

07/03/2004

(9)

Common Stock

34,290

$ 8.57

7,632

I

See Footnote (3)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

12,766

07/03/2004

(9)

Common Stock

127,660

$ 8.57

28,416

I

See Footnote (4)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

1,423

07/03/2004

(9)

Common Stock

14,230

$ 8.57

3,166

I

See Footnote (5)

Series A Convertible Preferred Stock (8)

$ 2.5

02/09/2007

C

9,452

07/03/2004

(9)

Common Stock

94,520

$ 8.57

21,039

I

See Footnote (6)

Stock Options (Right to Purchase)

$ 7.26

05/16/2005

05/16/2014(9)

Common Stock

10,000

10,000

I

See Footnote (10)

Stock Options (Right to Purchase)

$ 5.11

05/12/2006

05/12/2015(9)

Common Stock

10,000

10,000

I

See Footnote (10)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
AKKARAJU SRINIVAS C/O PANORAMA MANAGEMENT, LLC 2440 SAND HILL ROAD, SUITE 302 MENLO PARK, CA 94025	X

Signatures

/s/ Srinivas Akkaraju		02/13/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners (BHCA), L.P. ("JPM BHCA"), a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of JPMP Master Fund Manager ("MF Manager"), the general partner of JPM BHCA. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPM BHCA and MF Manager. The Reporting Person disclaims ownership of the securities except to the extent of his pecuniary interest therein, if any.
(2)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Global Investors, L.P., a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of MF Manager, limited partner of JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPMP Global Investors, L.P. and J.P. Morgan Partners Global Investors, L.P. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(3)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Global Investors A, L.P., a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of MF Manager, limited partner of JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPMP Global Investors, L.P. and J.P. Morgan Partners Global Investors A, L.P. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(4)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Global Investors (Cayman), L.P. ("Cayman"), a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of MF Manager, limited partner of JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPMP Global Investors, L.P. and Cayman. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(5)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Global Investors (Cayman) II, L.P. ("Cayman II"), a portion of which may be deemed attributable to the Reporting Person because the limited partner of MF Manager, limited partner of JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPMP Global Investors, L.P. and Cayman II. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(6)	The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Global Investors (Selldown), L.P. ("Selldown"), a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of MF Manager, limited partner JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within Selldown, and JPMP Global Investors, L.P. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(7)	The amount shown represents the beneficial ownership of the Issuer's equity securities byJ.P. Morgan Global Investors (Selldown II), L.P. ("Selldown II"), a portion of which may be deemed attributable to the Reporting Person because the Reporting Person is a limited partner of MF Manager, limited partner of JPMP Global Investors, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within Selldown II, and JPMP Global Investors, L.P. The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein, if any.
(8)	The conversion price of the Series A Convertible Preferred Stock is equal to the initial purchase price divided by $2.50, as adjusted for stock splits, stock dividends, combinations and other similar capitalizations of the Issuers Common and Preferred Stock. Initially, this results in a 1 for 10 conversion ratio. Each share of Series A Convertible Preferred Stock is entitled to 0.93 votes for each share of Common Stock into which such share of Convertible Preferred Stock could then be converted.
(9)	The Series A Convertible Preferred Stock is convertible into Common Stock after the first anniversary. This right to convert does not expire.
(10)	These Stock Options were granted to the Reporting Person as Director's Compensation. The Reporting Person is obligated to transfer any shares issued under the stock option to JPM BHCA.

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