Seattle Genetics is a renowned biotechnology company that is based in Washington. The firm was established in 1998, and it has currently hired more than 900 highly skilled professionals. Only a few biotech enterprises have managed to be as successful as the Seattle Genetics. It has invested a lot of resources in research and marketing and is determined to employ 200 more professionals in 2017. The flagship drug of the enterprise is known as Adcetris, and it is used in the treatment of Hodgkin lymphoma, which is cancer that affects the lymph system and spreads to other parts of the body. The cure is still in its final testing stage.
The CEO of the biotech company is called Clay Siegall. He is an expert in genetics and has a wealth of experience in the medical research sector. Siegall is determined to grow Seattle Genetics into a great firm. He has been striving to transform it from being a drug development enterprise into a multinational corporation that manufactures and markets its products. A few of years ago, his company had sold its global business rights to Takeda Oncology so that it could generate funds to help in researching Adcetris. After a few years, the firm acquired knowledge about the international market and established a division in Switzerland to manage its worldwide business.
Siegall has led the company in making significant progress. In 2016, Seattle Genetics sold drugs that were worth more than $418 million. This was a 46 percent rise from 2014. The stock price of the firm has tripled in the past five years from $20n per share to $66. The company’s valuation has been rising every year. In 2016, Seattle Genetic invested $376 million in research activities. It has currently focused in developing antibody-drug conjugates (ADC). The new technology is outstanding since it does not damage healthy body cells when killing cancer cells.
The biotechnology firm has managed to get the FDA’s approval for Adcetris. Clay believes that it will raise more than $1 billion from commercializing the drug. One person who uses the cure can spend between $230,000 and $330,000 per annum. Siegall’s experience in the research sector has enabled him to be regarded as a very resourceful individual. He has sat on the boards of multinational corporations such as Mirna, Ultragenyx Therapeutics, and Biopharmaceuticals. Clay also has about 15 patents for the new technologies and drugs that he has developed.