Seattle Genetics announced last week it is changing its name to Seagen Inc. to reflect its place as a global company.
The name reflects the company’s growth over 23 years from a Seattle-based biotech to a Bothell-based organization with three cancer fighting drugs on the market. The company will continue to trade on the public market under the “SGEN” ticker symbol.
“We have three marketed products and a robust development pipeline of novel targeted product candidates. As we increase our global presence by adding new team members and locations outside of the United States as well as through strategic partnerships, we are better positioned to bring important new therapies to cancer patients around the world. Our passion for helping patients is stronger than ever,” said CEO and President Clay Siegall.
Along with the name change, the company changed its logo and website to www.seagen.com.
The company, which is Washington’s largest biotech with 1,300 full-time employees in 2019, has had a big year so far.
In December 2019, it received break-through designation of a second drug to hit the market. By April, its third drug had received Federal Drug Administration approval and hit the market.
The company, which announced a deal potentially worth $4.4 billion with New Jersey-based pharmaceutical company Merck & Co. last month, is expected to reveal its Q3 earnings in November.
Seattle Genetics generated $278 million in revenue — a 31% increase year over year — during the second quarter. It currently has 12 programs in clinical trials.
Adcetris, which was approved by the FDA in November 2018, brought in $167.5 million in revenue last quarter, up from $159 million. Padcev, approved by the FDA in December 2019, brought in $57.2 million in the second quarter, up from $34.5 million in the first quarter of 2020. And Tukysa, approved by the FDA in April 2020, brought in $31.2 million in the second quarter.
With the cash from the Merck deal, the company is positioned to build a $300 million manufacturing facility.
