SeaGen Adds $7.7M Lease

5/13/11Follow @xconomy

Seattle Genetics (NASDAQ: SGEN), the developer of targeted cancer drugs, said it has leased 81,000 square feet of office space in a building in Bothell, WA to accommodate its growth. The company agreed to pay $7.7 million for a 7-year lease at the new building, and has a couple of five-year options to extend the lease, according to a regulatory filing. The company is seeking FDA approval of its first product, brentuximab vedotin (Adcetris), and the agency has an Aug. 30 deadline to complete its review. The company had 348 employees as of December 31, according to a prior regulatory filing, and CEO Clay Siegall has said before that the company could get to as many as 400 employees as it seeks to commercialize the new product.

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  • http://www.xconomy.com/author/ltimmerman/ Luke Timmerman

    SeaGen expects to end 2011 with about 500 employees, including sales reps, according to company spokeswoman Peggy Pinkston.