After more than two decades that saw it become this region’s largest biotechnology company, Seattle Genetics is no more.
But that’s only because it has changed its name.
The new name is Seagen, it said in a regulatory filing Thursday.
In a statement, president and CEO Clay Siegall said the change “reflects who we are today, as we expand our presence beyond the Pacific Northwest and outside of the United States.” He specifically cited the international rollout of Tukysa, a drug for metastatic HER2-positive breast cancer, which has been approved in the U.S., Australia, Canada, Singapore and Switzerland.
The rebranding comes as the company is on a roll — it recently landed a $1 billion investment from Merck, along with agreements that could bring billions more for collaboration efforts using Seagen’s cancer drugs.
Its stock is trading at all-time highs around $200 a share, giving it a market capitalization above $34 billion — roughly seven times Alaska Air Group’s value and 15 times Nordstrom’s.
One benefit of the new moniker, presumably, is ending the confusion created because the company is located in Bothell, not Seattle.
The company, which employs more than 1,600, said in its filing it would keep the ticker symbol SGEN.