Seagen

Seagen Inc.
FormerlySeattle Genetics, Inc.
(1997–2020)
TypeSubsidiary
Nasdaq: SGEN
IndustryBiotechnology, pharmaceutical
Founded1997; 29 years ago (1997)
HeadquartersBothell, Washington, U.S.
Key people
  • David R. Epstein
  • (Chief Executive Officer)
  • Roger Dansey M.D.
  • (President, Research and Development)
  • Todd E. Simpson
  • (Chief Financial Officer)
ProductsBrentuximab vedotin and other antibody-drug conjugates
RevenueIncrease US$1.96 billion (2022)
Increase US$−613 million (2022)
Increase US$−610 million (2022)
Total assetsDecrease US$3.67 billion (2022)
Total equityDecrease US$2.80 billion (2022)
Number of employees
3,256 (2022)
ParentPfizer
Websiteseagen.com
Footnotes

Seagen Inc. (formerly Seattle Genetics, Inc.) is an American biotechnology company focused on developing and commercializing innovative, empowered monoclonal antibody-based therapies for the treatment of cancer. The company, headquartered in Bothell, Washington (a suburb of Seattle), was considered the industry leader in antibody-drug conjugates or ADCs, a technology designed to harness the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells, with its development of drugs such as Adcetris, Padcev, and Tivdak. Antibody-drug conjugates are intended to spare non-targeted cells and thus reduce many of the toxic effects of traditional chemotherapy, while potentially enhancing antitumor activity.

The company's flagship product Adcetris (brentuximab vedotin) is commercially available for four indications in more than 65 countries, including the U.S., Canada, Japan and members of the European Union.

To expand on the clinical opportunities of brentuximab vedotin, Seattle Genetics is conducting a broad clinical development program to evaluate its therapeutic potential in earlier lines of its approved indications as well as in a range of other lymphoma and non-lymphoma settings. The company is jointly developing brentuximab vedotin in collaboration with Takeda Pharmaceutical Company. Under the terms of the collaboration, Seattle Genetics has full commercialization rights to brentuximab vedotin in the United States and Canada. Takeda has exclusive rights to commercialize the product candidate in all other countries.

In addition to brentuximab vedotin, Seattle Genetics' product pipeline includes enfortumab vedotin, being co-developed with Astellas Pharma, tisotumab vedotin, being co-developed with Genmab, SGN-LIV1A, an ADC targeting LIV-1, and several immuno-oncology agents in phase 1 studies.

In January 2018, the company announced it would acquire Cascadian Therapeutics for $614 million.

In September 2020, Merck & Co announced it would purchase $1 billion of Seagen's common stock, with both companies co-developing lead treatment: ladiratuzumab vedotin.

In November 2022, the company announced the appointment of David R. Epstein as Chief Executive Officer and Director.

Pfizer agreed to acquire Seagen in March 2023 at an enterprise value of $43 billion.

Collaboration agreements

Seattle Genetics has collaboration agreements with Takeda Oncology Company (formerly Millennium) to develop and commercialize brentuximab vedotin. The company also has collaboration agreements for their ADC technology with a number of biotechnology and pharmaceutical companies, including AbbVie, Bayer Celldex Therapeutics, Inc., Daiichi Sankyo, Genentech, Inc., GlaxoSmithKline, Pfizer, Inc., and PSMA Development Company LLC, as well as ADC co-development agreements with Agensys, Inc., an affiliate of Astellas Pharma, and Oxford BioTherapeutics Ltd.

Technology

MMAE-based

Seattle Genetics' proprietary monomethyl auristatin E or MMAE-based antibody-drug conjugate technology, employed in brentuximab vedotin, empowers monoclonal antibodies to treat cancer. Brentuximab vedotin, for example, links the chimeric anti-CD30 monoclonal antibody (cAC10) via a protease-cleavable linker to MMAE. This ADC employs a linker system that is designed to be stable in the bloodstream but to release MMAE upon internalization into CD30-expressing tumor cells. This approach is intended to spare non-targeted (healthy) cells and thus reduce many of the toxic effects of traditional chemotherapy while potentially enhancing antitumor activity. (See also vedotins)

History

Early years

Seattle Genetics was founded in 1997, by Henry Perry Fell, Jr. and Clay Siegall, and is headquartered in Bothell, Washington, a suburb of Seattle. The company completed an initial public offering in March 2001, and prior to its acquisition by Pfizer, it was traded on the Nasdaq Stock Market under the symbol SGEN, and was a component of the Nasdaq-100. As of December 2016, the company has more than 900 employees throughout the United States.

2009

19 February: pivotal trial for brentuximab vedotin for Hodgkin lymphoma
18 June: Phase II trial of brentuximab vedotin for anaplastic large cell lymphoma
24 July: initiation of re-treatment clinical trial of brentuximab vedotin
10 August: milestone achievement in collaboration with MedImmune through initiation of Phase I clinical trial of MEDI-547.
8 September: milestone achievement in collaboration with Bayer for the submission of investigational new drug application with the FDA
5 October: discontinuation of Phase IIb trial with dazcetuzumab (also known as SGN-40 or huS2C6) for the treatment of diffuse large B-cell lymphoma
16 November: initiation of Phase I clinical trial for SGN-75 (INN: vorsetuzumab mafodotin)
11 December: termination of collaboration with Genentech for SGN-40
21 December: announcement of new collaboration with GlaxoSmithKline ($12 million up front payment, up to $390 million in milestone payments)

In 2009, when it appeared that ADCETRIS could reach the market, the company realized that commercial skills would need to be grown in-house and/or acquired. This led to a decision to grow a commercial team to address the United States and Canadian markets, and a marketing collaboration with Takeda to cover the rest of the world. By 2018, however, the company was confident it could conduct a global commercialization venture.

2010

2 February: initiation of phase I combination clinical trial of brentuximab vedotin (SGN-35) for Hodgkin lymphoma
3 March: milestone achievement under collaboration with Genentech
8 April: initiation of Phase III trial for brentuximab vedotin (SGN-35) for post transplant Hodgkin lymphoma
20 April: $9.5 million payment from Genentech to extend collaboration
20 July: initiation of Phase I clinical trial of ASG-5ME for treatment of pancreatic cancer
3 August: expansion of collaboration with Genentech ($12 million upfront payment, up to $900 million in potential fees and milestone payments)
2 September: milestone achievement in collaboration with Agensys for initiation of Phase I trial of AGS-16M8F
14 September: entry into collaboration with Genmab
20 October: initiation of Phase I clinical trial of ASG-5ME in prostate cancer treatment

2011

6 January: entry into collaboration with Pfizer ($8 million upfront payment, $200+ million in potential milestone payments)
1 March: initiation of Phase I clinical trial of brentuximab vedotin for use in conjunction with chemotherapy for treatment of systemic anaplastic large cell lymphoma
15 March: expansion of collaboration with the Millennium Pharmaceuticals (Takeda Oncology)
22 March: announcement of collaboration with Abbott ($8 million upfront payment, plus potential royalties and milestone payments)
11 April: James Fan, SG manager of clinical programming, commits suicide one day after being indicted for insider trading in Seattle Genetics securities
19 April: expansion of collaboration with Genmab
19 August accelerated FDA approval for brentuximab vedotin for use in treatment of Hodgkin lymphoma and systemic anaplastic large cell lymphoma (ALCL)
23 August: initiation of Phase II trial of ADCETRIS in CD30-positive non-Hodgkin lymphoma
9 September: collaboration with Oxford BioTherapeutics
25 October: initiation of Phase II clinical trial of ADCETRIS in CD30-positive non-lymphoma malignancies

2012

4 June: interim Phase I data from ASG-5ME in prostate cancer
5 July: initiation of global Phase III trial of ADCETRIS against CD30-expressing cutaneous T-cell lymphoma
24 August: initiation of Phase Ib trial of SGN-75 (INN: vorsetuzumab mafodotin) for use in combination with everolimus in patients with renal cell carcinoma
9 October: milestone achievement under collaboration with Genentech by advancements of two antibody conjugates into Phase II trials
17 October: initiation of Phase II trial of ADCETRIS in age 60+ Hodgkin lymphoma patients
23 October: expansion of collaboration with Abbott (upfront payment of $25 million, milestone payment up to $220 million)
1 November: initiation of global Phase III trial of ADCETRIS in untreated advanced Hodgkin lymphoma patients
26 November: received orphan drug designation for ADCETRIS treatment of mycosis fungoides

2013

1 February: Health Canada approves ADCETRIS for treatment of relapsed refractory Hodgkin lymphoma
6 February: initiation of two Phase I trials of SGN-CD19A
25 June: new collaboration with Bayer
15 July: initiation of Phase I trial of SGN-CD33A in treatment of acute myeloid leukemia (AML)
15 August: initiation of Phase II trial of ADCETRIS for diffuse large B-cell lymphoma
21 October: initiation of Phase I trial of SGN-LIV1A for patients with LIV-1-positive metastatic breast cancer

2014

29 September: brentuximab vedotin was successfully used as a consolidation therapy in a late-stage trial for patients with a type of lymphatic cancer.
8 December: Data of Brentuximab Vedotin in Diffuse Large B-cell Lymphoma presented at the Annual Meeting of the American Society of Hematology

2015

12 January: clinical collaboration with Bristol-Myers Squibb to evaluate combination of brentuximab vedotin and nivolumab in hematologic malignancies
18 February: Supplemental Biologics License Application (BLA) for Brentuximab Vedotin in Post-Transplant Hodgkin Lymphoma Patients at High Risk of Relapse
8 June: collaboration with Unum Therapeutics to develop and commercialise its new antibody-coupled T-cell receptor (ACTR) therapies for cancer, generating up to $645 million for Unum.
31 December: Adcetris sales increase to $226 million.

2016

For the year: the company was at the bottom of the Annual Top 25 Biotech Companies for the year as judged by staff of Genetic Engineering & Biotechnology News.
28 March: the company announces it will develop 12 more drugs, employing another 100 staff.

2020

The company announced its corporate name change to Seagen Inc.

2022

In July the press reported Merck & Co. was in advanced talks to acquire Seagen Inc. and was aiming to finalize a purchase of the cancer biotech in the next few weeks, according to people familiar with the matter, in a deal that could be worth roughly $40 billion or more. The expected sellout is expected to materialize in the month of August 2022 with some delay due to Merck being set to report its fiscal second-quarter earnings on July 28.

2023

In March 2023, Pfizer agreed to acquire Seagen for a total enterprise value of around $43 billion. The acquisition includes the FDA approved medicines Adcetris for lymphomas, Padcev for bladder cancers, Tivdak for cervical cancer and Tukysa for breast and colorectal cancers as well as Seagen's drug development pipeline.

Pfizer later announced that it would abandon its plans to build a large manufacturing facility in Everett, Washington, which was scheduled to open in 2024.

Product portfolio and pipeline

References

  1. ↑ "Seagen Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 15 February 2023.
  2. ↑ "Seagen Inc. 2023 Proxy Statement". U.S. Securities and Exchange Commission. 20 March 2022.
  3. ↑ Erman, Michael (13 March 2023). "Pfizer looks past COVID with $43 bln deal for cancer drug maker Seagen". Reuters. Retrieved 7 December 2025.
  4. 1 2 brentuximab vedotin (SGN35), ADC Review/Journal of Antibody-drug Conjugates
  5. ↑ Brentuximab vedotin (ADCETRIS®) Clinical Trials, ADC Review/Journal of Antibody-drug Conjugates
  6. ↑ "Seattle Genetics to Acquire Cascadian Therapeutics for $614M". 31 January 2018.
  7. ↑ Reuters
  8. ↑ "Seagen Names David R. Epstein as Chief Executive Officer and Director". investor.seagen.com. Archived from the original on 21 November 2022. Retrieved 21 November 2022.
  9. 1 2 Mishra, Manas (13 March 2022). "Pfizer signs $43 bln Seagen deal in cancer drug push". Reuters.
  10. ↑ Seattle Genetics Corporate Profile Reuters
  11. ↑ Ansell, Stephen (20 November 2014). "Brentuximab vedotin". Blood. 22 (124): 3197–3200 – via ASH Publications.
  12. ↑ "Team - Perry Fell - W Fund".
  13. 1 2 3 4 5 Wright, Rob (13 February 2018). "Seattle Genetics Legacy Of Partnering". Life Science Leader. Retrieved 22 February 2018.
  14. ↑ Transcripts, SA (10 February 2017). "Seattle Genetics (SGEN) Q4 2016 Results - Earnings Call Transcript". Seeking Alpha. Retrieved 10 January 2018.
  15. ↑ "Seattle Genetics aims to put drug on the front line of battling cancer". The Seattle Times. 17 December 2016. Retrieved 10 January 2018.
  16. ↑ "Seattle Genetics Initiates Pivotal Trial of SGN-35 for Hodgkin Lymphoma – Corporate Press Release". mx.advfn.com. Business Wire. 19 February 2009. Archived from the original on 30 March 2026.
  17. ↑ Seattle Genetics Initiates Phase II Trial of SGN-35 for Anaplastic Large Cell Lymphoma[link removed] – Corporate Press Release
  18. ↑ Seattle Genetics Initiates Brentuximab Vedotin (SGN-35) Retreatment Clinical Trial[link removed] – Corporate Press Release
  19. ↑ Seattle Genetics Achieves Milestone Under Antibody-Drug Conjugate Collaboration with MedImmune[link removed] – Corporate Press Release
  20. ↑ Annunziata, CM; Kohn, EC; LoRusso, P; Houston, ND; Coleman, RL; Buzoianu, M; Robbie, G; Lechleider, R (2013). "Phase 1, open-label study of MEDI-547 in patients with relapsed or refractory solid tumors". Invest New Drugs. 31 (1): 77–84. doi:10.1007/s10637-012-9801-2. PMC 3553417. PMID 22370972.
  21. ↑ Seattle Genetics Achieves Milestone Under Antibody-Drug Conjugate Collaboration With Bayer Schering Pharma[link removed] – Corporate Press Release
  22. ↑ Seattle Genetics Announces Discontinuation of Dacetuzumab Phase IIb Diffuse Large B-Cell Lymphoma Clinical Trial[link removed] – Corporate Press Release
  23. ↑ Seattle Genetics Initiates Phase I Clinical Trial of Antibody-Drug Conjugate SGN-75[link removed] – Corporate Press Release
  24. ↑ Seattle Genetics Announces Termination of Collaboration Agreement with Genentech for Dacetuzumab (SGN-40)[link removed] – Corporate Press Release
  25. ↑ Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with GlaxoSmithKline[link removed] – Corporate Press Release
  26. ↑ Seattle Genetics and Millennium Announce Initiation of Phase I Combination Clinical Trial of Brentuximab Vedotin (SGN-35) for Front-line Hodgkin Lymphoma[link removed] – Corporate Press Release
  27. ↑ Seattle Genetics Achieves Milestone under Antibody-Drug Conjugate Collaboration with Genentech[link removed] – Corporate Press Release
  28. ↑ Seattle Genetics, Takeda and Millennium Announce Initiation of Phase III AETHERA Trial of Brentuximab Vedotin (SGN-35) for Post-Transplant Hodgkin Lymphoma[link removed] – Corporate Press Release
  29. ↑ Seattle Genetics to Receive $9.5 Million Payment from Genentech to Extend Antibody-Drug Conjugate Collaboration[link removed] – Corporate Press Release
  30. ↑ Seattle Genetics and Agensys, an Affiliate of Astellas, Announce Initiation of Phase I Clinical Trial of ASG-5ME for Pancreatic Cancer[link removed] – Corporate Press Release
  31. ↑ Seattle Genetics Expands Antibody-Drug Conjugate Collaboration with Genentech[link removed] – Corporate Press Release
  32. ↑ Seattle Genetics Achieves Milestone under Antibody-Drug Conjugate Collaboration with Agensys, an Affiliate of Astellas[link removed] – Corporate Press Release
  33. ↑ Abstract 2436: AGS-16M8F is a novel antibody drug conjugate (ADC) for treating renal and liver cancers; Gudas JM, Torgov M, An Z, Jia XC, Morrison KJ, Morrison RK, Yang P, et al. Cancer Res April 15, 2010 70; 2436. Last Accessed: February 15, 2011
  34. ↑ Genmab and Seattle Genetics Enter Into Antibody-Drug Conjugate Research Collaboration[link removed] – Corporate Press Release
  35. ↑ Agensys, an Affiliate of Astellas, and Seattle Genetics Announce Initiation of Phase I Clinical Trial of ASG-5ME for Prostate Cancer[link removed] – Corporate Press Release
  36. ↑ Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with Pfizer[link removed] – Corporate Press Release
  37. ↑ Seattle Genetics and Millennium Announce Initiation of a Phase I Clinical Trial of Brentuximab Vedotin in Combination with Chemotherapy for Front-line Systemic ALCL[link removed] – Corporate Press Release
  38. ↑ Seattle Genetics and Millennium Expand Antibody-Drug Conjugate Collaboration[link removed] – Corporate Press Release
  39. ↑ Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with Abbott[link removed] – Corporate Press Release
  40. ↑ Lure of riches leads to suicide in Seattle Genetics stock case | The Seattle Times
  41. ↑ "Suicide points to wave of insider trading in health industry". 18 November 2012.
  42. ↑ Genmab and Seattle Genetics Expand Antibody-Drug Conjugate Collaboration[link removed] – Corporate Press Release
  43. ↑ Seattle Genetics Announces FDA Accelerated Approval of ADCETRIS(TM) (Brentuximab Vedotin) for Two Indications[link removed] – Corporate Press Release
  44. ↑ Seattle Genetics Announces Initiation of a Phase II Clinical Trial of ADCETRIS(TM) in CD30-Positive Non-Hodgkin Lymphoma[link removed] – Corporate Press Release
  45. ↑ Seattle Genetics and Oxford BioTherapeutics to Collaborate on Antibody-Drug Conjugates for Cancer[link removed] – Corporate Press Release
  46. ↑ Seattle Genetics Announces Initiation of a Phase II Clinical Trial of ADCETRIS(TM) in CD30-Positive Non-Lymphoma Malignancies[link removed] – Corporate Press Release
  47. ↑ Agensys and Seattle Genetics Announce Interim Phase I Data from ASG-5ME Clinical Trial for Prostate Cancer Astellas Press Release
  48. ↑ Millennium and Seattle Genetics Initiate Global Phase 3 Trial of ADCETRIS™ in Patients with CD30-Expressing Relapsed Cutaneous T-cell Lymphoma[link removed] – Corporate Press Release
  49. ↑ Seattle Genetics Announces Initiation of a Phase Ib Trial of SGN-75 in Combination with Everolimus for Patients with Renal Cell Carcinoma[link removed] – Corporate Press Release
  50. ↑ Seattle Genetics Achieves Milestones as Genentech Advances Two Antibody-Drug Conjugates (ADCs) into Phase II Development[link removed] – Corporate Press Release
  51. ↑ Seattle Genetics Announces Initiation of Phase II Trial of ADCETRIS® as Front-line Therapy for Hodgkin Lymphoma Patients Age 60 and Over[link removed] – Corporate Press Release
  52. ↑ Seattle Genetics Expands Antibody-Drug Conjugate Collaboration with Abbott[link removed] – Corporate Press Release
  53. ↑ Millennium and Seattle Genetics Initiate Global Phase 3 Clinical Trial of ADCETRIS® in Previously Untreated Advanced Hodgkin Lymphoma[link removed] – Corporate Press Release
  54. ↑ Seattle Genetics Receives FDA Orphan Drug Designation for ADCETRIS® (Brentuximab Vedotin) in Mycosis Fungoides[link removed] – Corporate Press Release
  55. ↑ Health Canada Approves ADCETRIS® (Brentuximab Vedotin) for the Treatment of Relapsed or Refractory Hodgkin Lymphoma (HL) and Systemic Anaplastic Large Cell Lymphoma (sALCL)[link removed] – Corporate Press Release
  56. ↑ Seattle Genetics Initiates Two Phase I Trials of SGN-CD19A[link removed] – Corporate Press Release
  57. ↑ Seattle Genetics Enters Into New Antibody-Drug Conjugate Collaboration with Bayer[link removed] – Corporate Press Release
  58. ↑ Seattle Genetics Initiates Phase 1 Trial of SGN-CD33A in Acute Myeloid Leukemia (AML)[link removed] – Corporate Press Release
  59. ↑ Seattle Genetics Announces Initiation of Phase 2 Trial of ADCETRIS® (Brentuximab Vedotin) in Combination with Current Standard of Care for Frontline Diffuse Large B-Cell Lymphoma (DLBCL)[link removed] – Corporate Press Release
  60. ↑ B-cell lymphoma NCI Dictionary of Cancer Terms; Last Accessed February 18, 2015
  61. ↑ Seattle Genetics Initiates Phase 1 Trial of ADC Candidate, SGN-LIV1A, for Patients with LIV-1-Positive Metastatic Breast Cancer[link removed] – Corporate Press Release
  62. ↑ Phase I Trial of SGN-LIV1A Initiated in LIV-1-positive metastatic breast cancer ADC Review / Journal of Antibody-drug Conjugates. October 22, 2013. Last accessed October 23, 2013
  63. ↑ Seattle Genetics, Takeda's cancer drug meets main goal in trial Reuters
  64. ↑ Seattle Genetics Presents ADCETRIS® (Brentuximab Vedotin) Data in Diffuse Large B-cell Lymphoma at ASH Annual Meeting Reuters
  65. ↑ Seattle Genetics and Bristol-Myers Squibb Announce Clinical Collaboration to Evaluate Combination of Adcetris® (Brentuximab Vedotin) and Opdivo® (Nivolumab) in Hematologic Malignancies Reuters
  66. ↑ Supplemental BLA for Brentuximab Vedotin in Post-Transplant Hodgkin Lymphoma Patients at High Risk of Relapse ADC Review / Journal of Antibody-drug Conjugates, Last accessed February 19, 2015
  67. ↑ "Seattle Genetics, Unum Partner on Cancer Immunotherapies in Up-to-$645M Deal - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN". 8 June 2015.
  68. 1 2 "Seattle Genetics' ambitious plan for 12 more drugs, 100 more employees - Puget Sound Business Journal". Archived from the original on 29 March 2016.
  69. ↑ Philippidis, Alex (26 September 2016). "Top 25 Biotech Companies of 2016". Genetic Engineering & Biotechnology News. Mary Ann Liebert. Retrieved 23 December 2019.
  70. ↑ "Seattle Genetics, Inc. Announces Corporate Name Change to Seagen Inc". BusinessWire. 8 October 2020. Retrieved 20 January 2023.
  71. ↑ "Merck in advanced talks to buy Seagen in nearly $40-bln deal - WSJ". Reuters. 6 July 2022. Retrieved 31 July 2022.
  72. ↑ "Merck Deal for Seagen Seen as Unlikely by Earnings Release". wsj.com. 15 July 2022. Retrieved 31 July 2022.
  73. ↑ Geraldo, Renata (5 March 2024). "Pfizer pulls plug on mammoth Seagen pharma factory in Everett". The Seattle Times. Retrieved 12 March 2024.
  74. ↑ Goldstein-Street, Jake (4 March 2024). "Pfizer backs out of Everett manufacturing plant after $43B Seagen deal". The Everett Herald. Retrieved 12 March 2024.
  75. ↑ Brentuximab Vedotin (SGN-35) in Patients With Relapsed or Refractory Systemic Anaplastic Large-Cell Lymphoma: Results of a Phase II Study JCO June 20, 2012 vol. 30 no. 18 2190-2196
  76. ↑ IMGT/mAb-DB SGN-75[link removed] Poiron, C. et al., JOBIM 2010, Paper 13 (2010).
  77. ↑ Enfortumab Vedotin (ASG-22ME, Formerly AGS-22M6E) Clinical trials ADC Review / Journal of Antibody-drug Conjugates; Last accessed February 18, 2015
  78. ↑ Anti-Nectin-4 monoclonal antibody-drug conjugate AGS-22M6E National Cancer Institute (NCI) Drug Dictionary