Ownership Submission
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 *
H&Q Holdings, Inc.
  2. Issuer Name and Ticker or Trading Symbol
SEATTLE GENETICS INC /WA [SGEN]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O J.P. MORGAN PARTNERS, LLC, 270 PARK AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
05/14/2008
(Street)

NEW YORK, NY 10017
4. If Amendment, Date 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
(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               2,263,980 D  
Class A Common Stock 05/14/2008   S   15,150 D $ 10.1 (10) 535,731 I See Footnote (1)
Class A Common Stock 05/14/2008   S   2,065 D $ 10.1 (10) 73,032 I See Footnote (2)
Class A Common Stock 05/14/2008   S   7,689 D $ 10.1 (10) 271,919 I See Footnote (3)
Class A Common Stock 05/14/2008   S   857 D $ 10.1 (10) 30,295 I See Footnote (4)
Class A Common Stock 05/14/2008   S   5,693 D $ 10.1 (10) 201,326 I See Footnote (5)
Class A Common Stock 05/14/2008   S   89,911 D $ 10.1 (10) 915,496 I See Footnote (6)
Class A Common Stock 05/14/2008   S   764 D $ 10.1 (10) 27,004 I See Footnote (7)
Class A Common Stock 05/14/2008   S   764 D $ 10.1 (10) 27,004 I See Footnote (8)

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 D  
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 101,421   101,421 I See Footnote (1)
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 13,826   13,826 I See Footnote (2)
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 51,478   51,478 I See Footnote (3)
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 5,736   5,736 I See Footnote (4)
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 38,114   38,114 I See Footnote (5)
Warrants $ 6.25             07/08/2003 12/31/2011 Common Stock 132,331   132,331 I See Footnote (6)
Stock Options (Right to Purchase) $ 7.26             05/16/2005 05/16/2014 Common Stock 10,000   10,000 I See Footnote (9)
Stock Options (Right to Purchase) $ 5.11             05/12/2006 05/12/2015 Common Stock 10,000   10,000 I See Footnote (9)
Stock Options (Right to Purchase) $ 10.2             05/24/2008 05/25/2017 Common Stock 10,000   10,000 I See Footnote (9)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
H&Q Holdings, Inc.
C/O J.P. MORGAN PARTNERS, LLC
270 PARK AVENUE
NEW YORK, NY 10017
    X    
H&Q Employee Venture Fund 2000, L.P.
C/O J.P. MORGAN PARTNERS, LLC
270 PARK AVENUE
NEW YORK, NY 10017
    X    

Signatures

 J.P. Morgan Partners (BHCA), L.P., By: JPMP Master Fund Manager, L.P., its general partner, By: JPMP Capital Corp., its general partner, By: /s/ John C Wilmot, Manager Director   05/15/2008
**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 Global Investors, L.P. The Reporting Person has no pecuniary interest in such securities.
(2) The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors A, L.P. The Reporting Person has no pecuniary interest in such securities.
(3) The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Cayman), L.P. The Reporting Person has no pecuniary interest in such securities.
(4) The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Cayman) II, L.P. The Reporting Person has no pecuniary interest in such securities.
(5) The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Selldown), L.P. The Reporting Person has no pecuniary interest in such securities.
(6) The amount shown represents the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners Global Investors (Selldown) II, L.P. The Reporting Person has no pecuniary interest in such securities.
(7) The amount shown represents the beneficial ownership of the Issuer's equity securities by H&Q Holdings, Inc. The Reporting Person has no pecuniary interest in such securities.
(8) The amount shown represents the beneficial ownership of the Issuer's equity securities by H&Q Employee Venture Fund 2000, L.P. The Reporting Person has no pecuniary interest in such securities.
(9) These options were granted to Srinivas Akkaraju, a director of the Issuer. Mr. Akkaraju is obligated to transfer any shares issued under the Stock Option to J.P. Morgan Partners (BHCA), L.P. ("JPM BHCA") at the request of JPM BHCA.
(10) $10.10 represents an average per share sale price for the shares sold on 5/14/2008. The sale price for shares sold on this day ranged from $10.03 to $10.24.

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