SEC FORM 4

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

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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^*

LEFF JONATHAN S

(Last)

(First)

(Middle)

C/O WARBURG PINCUS & CO.

466 LEXINGTON AVENUE

(Street)

NEW YORK

10017

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ZYMOGENETICS INC [ ZGEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/13/2007

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, no par value per share	09/13/2007		P		200	A	$11.53	7,547,612	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		600	A	$11.54	7,548,212	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		1,700	A	$11.55	7,549,912	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		628	A	$11.56	7,550,540	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		7,002	A	$11.57	7,557,542	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		10,200	A	$11.58	7,567,742	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		5,998	A	$11.59	7,573,740	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		3,500	A	$11.6	7,577,240	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		700	A	$11.61	7,577,940	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		4,800	A	$11.6199	7,582,740	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,400	A	$11.63	7,585,140	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		100	A	$11.64	7,585,240	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		100	A	$11.65	7,585,340	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,100	A	$11.7	7,587,440	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		900	A	$11.73	7,588,340	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		100	A	$11.75	7,588,440	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		1,300	A	$11.76	7,589,740	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		200	A	$11.79	7,589,940	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,600	A	$11.8	7,592,540	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		3,400	A	$11.81	7,595,940	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		100	A	$11.82	7,596,040	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,050	A	$11.83	7,598,090	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,996	A	$11.84	7,601,086	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		4,604	A	$11.85	7,605,690	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		1,500	A	$11.86	7,607,190	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,872	A	$11.87	7,610,062	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		800	A	$11.88	7,610,862	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		5,800	A	$11.89	7,616,662	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,100	A	$11.9	7,618,762	I	See footnotes⁽¹⁾⁽²⁾
Common Stock, no par value per share	09/13/2007		P		2,622	A	$11.92	7,621,384	I	See footnotes⁽¹⁾⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares of the common stock, no par value per share (the "Common Stock"), of ZymoGenetics, Inc. to which this Form 4 relates are held by Warburg, Pincus Equity Partners, L.P., a Delaware limited partnership, and two affiliated partnerships organized under Netherlands law, Warburg, Pincus Netherlands Equity Partners I, C.V. and Warburg, Pincus Netherlands Equity Partners III, C.V. (together, "WPEP"). Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of Warburg Pincus Partners LLC, a New York limited liability company ("WP Partners"). WP Partners is the general partner of WPEP. WPEP is managed by Warburg Pincus LLC, a New York limited liability company ("WP LLC" and together with WPEP, WP and WP Partners, the "Warburg Pincus Entities").

2. Jonathan S. Leff is a General Partner of WP and a Managing Director and Member of WP LLC, and therefore, may be deemed to have an indirect pecuniary interest in the Common Stock held by WPEP. Mr. Leff disclaims beneficial ownership of the Common Stock held by the Warburg Pincus Entities.

Remarks:

*** The Power of Attorney given by Mr. Leff was previously filed with the SEC on September 13, 2007 as an exhibit to a Form 4 filed by Mr. Leff with respect to ZymoGenetics, Inc. Exhibit List Exhibit 99.1 - Table I (cont'd) Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

	Jonathan S. Leff, Director, by /s/ Scott A. Arenare, Attorney-in-Fact***	09/17/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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