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)

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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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