Seattle Genetics, Inc. Announces Corporate Name Change to Seagen Inc.
Seagen Inc. is the new corporate name for Seattle Genetics, Inc. (Nasdaq:SGEN), a global biotechnology company dedicated to developing innovative cancer medicines that make a meaningful difference in people’s lives around the world. The evolution of the corporate name reflects the transformation of Seagen as it expands operations globally to bring its marketed medicines to more patients, pursues new indications for approved medicines and continues to advance its pipeline of novel therapies for solid tumors and blood-related cancers. The Company’s common stock will continue to trade under its current ticker symbol: “SGEN.”
“The change in our corporate name from Seattle Genetics to Seagen reflects who we are today, as we expand our presence beyond the Pacific Northwest and outside of the United States to support the commercialization of TUKYSA globally,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seagen. “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.”
Seagen is focused on discovering safe and effective novel therapeutics to advance cancer care. As a pioneer in antibody-drug conjugates (ADCs), Seagen has been a leader in novel cancer therapeutics for more than 20 years. ADCETRIS (brentuximab vedotin) is approved in over 70 countries around the world and continues to make a difference in the lives of patients with several types of lymphomas. In the last year, Seagen successfully launched two new cancer medicines that address significant unmet medical needs. PADCEV (enfortumab vedotin) was the first antibody-drug conjugate (ADC) approved for locally advanced or metastatic urothelial (bladder) cancer following treatment with platinum-based chemotherapy and a PD-1 or PD-L1 inhibitor. TUKYSA (tucatinib) was approved in the U.S. for metastatic HER2-positive breast cancer following an expedited U.S. Food and Drug Administration (FDA) approval. TUKYSA has also received approval in Australia, Canada, Singapore and Switzerland under the Project Orbis initiative of the FDA Oncology Center of Excellence and is under review with the European Medicines Agency (EMA).
The company also recently entered into two strategic collaborations with Merck that will accelerate and broaden the global development of the investigational ADC ladiratuzumab vedotin and the commercialization of TUKYSA in Asia, the Middle East, Latin America and other regions outside of the U.S., Canada and Europe. These strategic collaborations will further expand Seagen’s global presence in oncology and ability to deliver cancer medicines around the world.
Along with the new name, the company will adopt a new logo and will change its corporate website from www.seattlegenetics.com to www.seagen.com. Seagen will provide further updates to customers, suppliers and partners regarding these changes in the implementation of the new name.
Seagen Inc. is a global biotechnology company that discovers, develops and commercializes transformative cancer medicines to make a meaningful difference in people’s lives. Seagen is headquartered in the Seattle, Washington area, and has locations in California, Canada, Switzerland and the European Union. For more information on our marketed products and robust pipeline, visit www.seagen.com and follow @SeagenGlobal on Twitter.
Forward Looking Statements
Certain of the statements made in this press release are forward looking, such as those, among others, relating to the Company’s pipeline, its ability to develop and commercialize innovative cancer medicines, its ability to expand its operations globally and bring TUKYSA and other potential new therapies to patients around the world, including in collaboration with Merck. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include without limitation the difficulty and uncertainty of pharmaceutical product development; the risk of adverse events or safety signals; inability to show sufficient activity in clinical trials; the possibility of adverse regulatory actions; the possibility that the Company may encounter challenges in commercializing its therapeutic agents outside of the United States, including with respect to regulatory, reimbursement, compliance, operational or other matters; the possibility that the Company may encounter challenges in its collaborations with Merck or other collaborators which may delay or limit its ability to deliver its current and future potential therapeutic agents globally; and the duration and severity of the COVID-19 pandemic and resulting global economic, financial and healthcare system disruptions. More information about the risks and uncertainties faced by the Company is contained under the caption “Risk Factors” included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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