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 *
JP MORGAN PARTNERS BHCA LP
   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, 1221 AVENUE OF THE AMERICAS 40TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
05/19/2006
(Street)

NEW YORK, NY 10020		 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

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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)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 3,956,760   3,956,760 D  
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 811,370   811,370 I See footnote (1)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 110,610   110,610 I See footnote (2)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 411,820   411,820 I See footnote (3)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 45,890   45,890 I See footnote (4)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 304,910   304,910 I See footnote (5)
Series A Convertible Preferred Stock (7) $ 2.5             07/08/2004   (8) Common Stock 1,058,640   1,058,640 I See footnote (6)
Stock Options (Right to Purchase) (7) $ 7.26             05/16/2005 05/16/2014 Common Stock 10,000   10,000 I See footnote (9)
Stock Options (Right to Purchase) (7) $ 5.11             05/12/2006 05/12/2015 Common Stock 10,000   10,000 I See footnote (9)
Stock Options (Right to Purchase) (7) $ 4.18 05/19/2006   A   10,000   05/18/2007 05/18/2016 Common Stock 10,000 $ 0 10,000 I See footnote (9)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
JP MORGAN PARTNERS BHCA LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FLOOR
NEW YORK, NY 10020		     X    
JPMP MASTER FUND MANAGER L P
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL.
NEW YORK, NY 10020		     X    
JPMP CAPITAL CORP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FLOOR
NEW YORK, NY 10020		     X    
JP MORGAN PARTNERS GLOBAL INVESTORS LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FLOOR
NEW YORK, NY 10020		     X    
J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL
NEW YORK, NY 10020		     X    
J P MORGAN PARTNERS GLOBAL INVESTORS A LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL
NEW YORK, NY 10020		     X    
J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN II LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL
NEW YORK, NY 10020		     X    
JPMP GLOBAL FUND BILL BARRETT SELLDOWN LP
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL
NEW YORK, NY 10020		     X    
JPMP GLOBAL INVESTORS L P
C/O J.P. MORGAN PARTNERS, LLC
1221 AVENUE OF THE AMERICAS 40TH FL
NEW YORK, NY 10020		     X    

Signatures

 J.P. Morgan Partners (BHCA), L.P.   05/22/2006
**Signature of Reporting Person Date
 By: JPMP Master Fund Manager, L.P., its general partner   05/22/2006
**Signature of Reporting Person Date
 By: JPMP Capital Corp., its general partner   05/22/2006
**Signature of Reporting Person Date
 By: /s/ Jeffrey C. Walker, President   05/22/2006
**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 (Cayman), 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 A, 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 conversion price of the Series A Convertible Preferred Stock is equal to the initial purchase price divided by $2.50, as adjusted for stock splits, stock dividends, combinations and other similar capitalizations of the Issuer's Common and Preferred Stock. Initially this results in a 1 for 10 conversion ratio. Each share of Series A Convertible Preferred Stock is entitled to 0.93 votes for each share of Common Stock into which such share of Convertible Preferred Stock could then be converted.
(8) All outstanding shares of the Issuer's Series A Convertible Preferred Stock are convertible at the holder's option into shares of the Issuer's Common Stock on a 10 to 1 basis any time after July 8, 2004. This right to convert does not expire.
(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.

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