Seattle Genetics aims higher; from Biotech to Pharmaceutical
Being one of the largest biotech firms in Washington DC, and the fact that it has been achieving great success since its inception in 1998, Seattle genetics aims at achieving more success and focus on pharmaceuticals in the near future. While its ambition is to expand its area of research, the residents of Seattle are afraid that with its contributed upward growth, the company might be acquired by the pharmaceutical giants and relocate to another place just like Immune when Amgen purchased it.
Seattle Genetics has invested heavily in research and study of antibodies. The antibodies are studied, manipulated and later packaged into drugs. The antibodies transport a toxic load or substance to the cancerous cells in a human body so that the cells can be destroyed from within. Seattle has over 900 employees and is valued at $10 billion. Apart from research, the company has also invested in marketing and looks forward to adding 200 more employees by the end of 2017.
Seattle is hopeful that Adcetris which is their flagship drug will pass all the tests and start selling soon. The medicine treats Hodgkin lymphoma cancer that affects the lymph system and can spread to other parts and organs in the body. Clay Siegall who is the chairman, president, the CEO and the co-founder of Seattle genetics says that they are an emerging company that aims at providing cancer treatment globally. Seattle Genetics is not looking to sell their drugs to larger pharmaceutical companies but come up with more drugs to help improve the medical field of oncology.
Seattle recently opened a marketing office in Switzerland so that it could handle its international marketing. To further strengthen its reach to the global market, Siegall entered into a bid February to use $2 billion so that he could get the worldwide rights so that he could commercialize a cancer drug that was developed by Immunomedics based in New Jersey.
In 2016 Seattle had sales of about $418 million which was a 46% increase from 2014. The stock price of the company has continued to rise. Siegall says he loves making drugs but the journey has not been easy. There are ups and downs that Seattle tries not to get caught up in. Siegall admired and imitated some of the moves the saw Art Levinson make at Biotech Genentech.
Dr. Clay Siegall is one of the co-founders of Seattle genetics which was founded in 1998. He serves as the company’s president, CEO, and Chairman of the board of directors. Clay has been very instrumental in raising funds for Seattle Genetics. Under his leadership, the company has secured $678 million. Before co-founding Seattle, Clay worked with Bristol Myers Squibb which is a Pharmaceutical research institute. He also worked at the National Cancer Institute from 1988 to 1991.
He got a Ph.D. in genetics from George Washington University. Before that, he had got a BS. In Zoology from the University of Maryland. In 2014, Ultragenyx Pharmaceutical Inc. made Clay Siegall one of the members of the board of directors.