Draft of August 15, 2006
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
SEATTLE GENETICS, INC
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
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(Title of Class of Securities)
812578102
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(CUSIP Number)
LEO KIRBY
667 MADISON AVENUE, 17TH FLOOR
NEW YORK, NY 10021
(212) 521-2418
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
AUGUST 2, 2006
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. |_|
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 7 Pages
SCHEDULE 13D
CUSIP No. 812578102 Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
Julian C. Baker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,197,089
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,197,089
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,197,089
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |X|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.6%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Page 2 of 7 Pages
SCHEDULE 13D
CUSIP No. 812578102 Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
Felix J. Baker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
20,000
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 13,197,089
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 20,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,197,089
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,217,089
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |X|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.7%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Page 3 of 7 Pages
This Amendment No. 1 to Schedule 13D is being filed by Julian C. Baker and
Felix J. Baker (the "Reporting Persons") to supplement the statements on
Schedule 13D previously filed by them, as heretofore amended. Except as
supplemented herein, such statements, as heretofore amended and supplemented,
remain in full force and effect.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Set forth below is the aggregate number of shares of Common Stock held,
including shares that maybe acquired upon conversion of Preferred Stock and
shares that maybe acquired upon the exercise of Warrants and Options, as of the
date hereof by each of the following, together with the percentage of
outstanding shares of Common Stock that such number represents based upon
51,013,878 shares outstanding, according to information received from the
Company on August 14, 2006. Such percentage figures are calculated on the basis
that the shares of Preferred Stock, Warrants and Options owned by the Reporting
Persons are deemed converted into or exercised for shares of Common Stock but
other outstanding shares of Preferred Stock, Warrants and Options are not deemed
converted or exercised.
Percent of class
NAME NUMBER OF SHARES OUTSTANDING
---- ---------------- -----------
Baker Bros. Investments, L.P. 340,622 0.6%
Baker Bros. Investments II, L.P. 348,321 0.6%
Baker Biotech Fund I, L.P. 4,594,087 7.9%
Baker Brothers Life Sciences, L.P. 7,345,904 12.6%
14159, L.P. 95,159 0.2%
Baker/Tisch Investments, L.P. 472,996 0.8%
Felix J. Baker 20,000 0.0%
------ ----
TOTAL 13,217,089 22.7%
By virtue of their ownership of entities that have the power to control the
investment decisions of the limited partnerships listed in the table above,
Julian C. Baker and Felix J. Baker may each be deemed to be beneficial owners of
shares owned by such entities and may be deemed to have shared power to vote or
direct the vote of and shared power to dispose or direct the disposition of such
securities.
The entities noted below are parties to a voting agreement contained in the
Investors Rights Agreement referred to in Item 6 of the Schedule 13D previously
filed on June 23, 2006. The parties to the voting agreement may be deemed to
constitute a "group" for purposes of Section 13(d) of the Act. The Reporting
Persons disclaim beneficial ownership of such shares held by such other persons,
and such shares are excluded from the table above.
The following transactions in Common Stock were effected by the entities noted
below during the fifty-three days preceding the filing of this statement. The
transactions in common stock effected the fifty-fourth to sixtieth days are
disclosed on the previous Schedule 13D filed on June 23, 2006. All transactions
were effected in the over-the-counter market directly with a broker-dealer. None
of the reporting Persons has effected any other transactions in Common Stock
during this period.
Page 4 of 7 Pages
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NAME DATE NUMBER OF SHARES TRANSACTION PRICE/ SHARE
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Baker Biotech Fund I, L.P. 6/23/2006 8,639 Purchase 4.0674
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Baker Brothers Life Sciences, L.P. 6/23/2006 26,145 Purchase 4.0674
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14159, L.P. 6/23/2006 563 Purchase 4.0674
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Baker Biotech Fund I, L.P. 6/26/2006 34,216 Purchase 4.0016
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Baker Brothers Life Sciences, L.P. 6/26/2006 103,552 Purchase 4.0016
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14159, L.P. 6/26/2006 2,232 Purchase 4.0016
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Baker Biotech Fund I, L.P. 6/27/2006 354 Purchase 4.0299
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Baker Brothers Life Sciences, L.P. 6/27/2006 1,072 Purchase 4.0299
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14159, L.P. 6/27/2006 24 Purchase 4.0299
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Baker Biotech Fund I, L.P. 6/27/2006 31,943 Purchase 4.0368
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Baker Brothers Life Sciences, L.P. 6/27/2006 96,673 Purchase 4.0368
-------------------------------------------------------------------------------------------------
14159, L.P. 6/27/2006 2,084 Purchase 4.0368
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Baker Biotech Fund I, L.P. 6/28/2006 77,345 Purchase 4.0174
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Baker Brothers Life Sciences, L.P. 6/28/2006 233,645 Purchase 4.0174
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14159, L.P. 6/28/2006 5,010 Purchase 4.0174
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Baker Biotech Fund I, L.P. 6/29/2006 20,340 Purchase 4.0768
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Baker Brothers Life Sciences, L.P. 6/29/2006 61,443 Purchase 4.0768
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14159, L.P. 6/29/2006 1,317 Purchase 4.0768
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Baker Biotech Fund I, L.P. 8/2/2006 7,683 Purchase 3.69908
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Baker Brothers Life Sciences, L.P. 8/2/2006 23,576 Purchase 3.69908
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14159, L.P. 8/2/2006 541 Purchase 3.69908
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Baker Biotech Fund I, L.P. 8/3/2006 6,040 Purchase 3.9967
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Baker Brothers Life Sciences, L.P. 8/3/2006 18,535 Purchase 3.9967
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14159, L.P. 8/3/2006 425 Purchase 3.9967
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Baker Biotech Fund I, L.P. 8/4/2006 5,798 Purchase 4.0498
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Baker Brothers Life Sciences, L.P. 8/4/2006 17,793 Purchase 4.0498
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14159, L.P. 8/4/2006 409 Purchase 4.0498
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Baker Biotech Fund I, L.P. 8/7/2006 9,350 Purchase 4.0341
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Baker Brothers Life Sciences, L.P. 8/7/2006 28,692 Purchase 4.0341
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14159, L.P. 8/7/2006 658 Purchase 4.0341
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Baker Biotech Fund I, L.P. 8/8/2006 2,416 Purchase 4.0478
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Baker Brothers Life Sciences, L.P. 8/8/2006 7,414 Purchase 4.0478
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14159, L.P. 8/8/2006 170 Purchase 4.0478
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Baker Biotech Fund I, L.P. 8/9/2006 51,819 Purchase 4.05
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Baker Brothers Life Sciences, L.P. 8/9/2006 159,019 Purchase 4.05
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14159, L.P. 8/9/2006 3,648 Purchase 4.05
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Baker Biotech Fund I, L.P. 8/9/2006 11,838 Purchase 4.0499
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Baker Brothers Life Sciences, L.P. 8/9/2006 36,328 Purchase 4.0499
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14159, L.P. 8/9/2006 834 Purchase 4.0499
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Baker Biotech Fund I, L.P. 8/10/2006 338 Purchase 4.0368
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Baker Brothers Life Sciences, L.P. 8/10/2006 1,038 Purchase 4.0368
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14159, L.P. 8/10/2006 24 Purchase 4.0368
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Baker Biotech Fund I, L.P. 8/10/2006 834 Purchase 4.03
-------------------------------------------------------------------------------------------------
Baker Brothers Life Sciences, L.P. 8/10/2006 2,559 Purchase 4.03
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14159, L.P. 8/10/2006 59 Purchase 4.03
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Baker Biotech Fund I, L.P. 8/11/2006 34,745 Purchase 4.0291
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Baker Brothers Life Sciences, L.P. 8/11/2006 106,622 Purchase 4.0291
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14159, L.P. 8/11/2006 2,446 Purchase 4.0291
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Baker Biotech Fund I, L.P. 8/14/2006 12,080 Purchase 4.05
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Baker Brothers Life Sciences, L.P. 8/14/2006 37,070 Purchase 4.05
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14159, L.P. 8/14/2006 850 Purchase 4.05
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TOTAL 1,298,248
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Page 5 of 7 Pages
Exhibit 4. Agreement regarding the joint filing of this statement.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
August 15, 2006
By: /s/ Julian C. Baker
----------------------
Julian C. Baker
By: /s/ Felix J. Baker
----------------------
Felix J. Baker
Page 6 of 7 Pages