SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BAKER BIOTECH CAPITAL II GP LLC (Last) (First) (Middle) 667 MADISON AVENUE (Street) NEW YORK NY 10021 (City) (State) (Zip)	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 X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 08/12/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

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
Common Stock(1)	08/10/2004		P		12,298(2)	A	$5.3179	74,980(3)	I	See footnote(4)
Common Stock	08/11/2004		P		935(5)	A	$5.49	75,915(6)	I	See footnote(4)
Common Stock	08/11/2004		P		4,481(7)	A	$5.4191	80,396(8)	I	See footnote(4)
Common Stock	08/12/2004		P		28,031(9)	A	$5.5783	108,427(10)	I	See Footnote(4)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* BAKER BIOTECH CAPITAL II GP LLC (Last) (First) (Middle) 667 MADISON AVENUE (Street) NEW YORK NY 10021 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BAKER JULIAN (Last) (First) (Middle) 667 MADISON AVENUE (Street) NEW YORK NY 10021 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BAKER FELIX (Last) (First) (Middle) 667 MADISON AVENUE (Street) NEW YORK NY 10021 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. In addition to Baker Biotech Capital II (GP), LLC, this Form 4 is being filed jointly by Julian C. Baker and Felix J. Baker, each of whom has the same business address as Baker Biotech Capital II (GP), LLC and may be deemed to have a pecuniary interest in securities owned by it. Because of certain business relationships with other shareholders of the Issuer, the Reporting Persons have filed on Schedule 13D as if they were a member of a group with such shareholders. However, the Reporting Persons disclaim that they and any other person or persons, including those persons with whom the Reporting Persons have filed a Schedule 13D, in fact constitute a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder, or that they are the beneficial owners of any securities owned by any other person. Felix J. Baker is a director of the Issuer.

2. Represents 10,858 shares of common stock purchased by Baker Biotech Fund II, L.P., and 1440 shares of common stock purchased by Baker Biotech Fund II (Z), L.P.

3. Represents 65,685 shares of common stock owned directly by Baker Biotech Fund II, L.P., and 9,295 shares of common stock owned directly by Baker Biotech Fund II (Z), L.P.

4. Represents shares of common stock owned directly by Baker Biotech Fund II, L.P., and shares of common stock owned directly by Baker Biotech Fund II (Z), L.P. Baker Biotech Fund II, L.P., and Baker Biotech Fund II (Z), L.P., are each limited partnerships of which the sole general partner is Baker Biotech Capital II, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital II (GP), LLC. Felix J. Baker and Julian C. Baker are the controlling members of Baker Biotech Capital II (GP), LLC.

5. Represents 816 shares of common stock purchased by Baker Biotech Fund II, L.P., and 119 shares of common stock purchased by Baker Biotech Fund II (Z), L.P.

6. Represents 66,501 shares of common stock owned directly by Baker Biotech Fund II, L.P., and 9,414 shares of common stock owned directly by Baker Biotech Fund II (Z), L.P.

7. Represents 3,912 shares of common stock purchased by Baker Biotech Fund II, L.P., and 569 shares of common stock purchased by Baker Biotech Fund II (Z), L.P.

8. Represents 70,413 shares of common stock owned directly by Baker Biotech Fund II, L.P., and 9,983 shares of common stock owned directly by Baker Biotech Fund II (Z), L.P.

9. Represents 24,472 shares of common stock purchased by Baker Biotech Fund II, L.P., and 3,559 shares of common stock purchased by Baker Biotech Fund II (Z), L.P.

10. Represents 94,885 shares of common stock owned directly by Baker Biotech Fund II, L.P., and 13,542 shares of common stock owned directly by Baker Biotech Fund II(Z), L.P.

	/s/ Julian C. Baker, as Managing Member of Baker Biotech Capital II (GP), LLC	08/12/2004
	/s/ Julian C. Baker	08/12/2004
	/s/ Felix J. Baker	08/12/2004
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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