BOTHELL, Wash.--(BUSINESS WIRE)--May 25, 2006--Seattle Genetics, Inc. (Nasdaq:SGEN - News) today announced closing of the sale of 1,129,015 shares of common stock to investment funds affiliated with Baker Brothers Investments (BBI) at a price of $5.25 per share, for proceeds of $5.9 million. This sale, which was subject to stockholder approval, was made pursuant to a stock purchase agreement between BBI and Seattle Genetics in connection with the company’s public offering of common stock completed in April 2006. Net proceeds from both offerings combined are approximately $43.1 million. Stockholders approved the issuance to BBI at the company’s annual meeting held on May 19, 2006.
