sesn - SESN STOCK NEWS

Investor Group owning approximately 8.4% of Sesen Bio urges the Board to hold a stockholder vote regarding the proposed merger with Carisma Therapeutics. The group opposes the merger, questioning the Board's judgment and commitment to stockholders' interests. They demand transparency on Carisma's valuation, incurred fees, and capital investment. The group believes the transaction favors advisors and Carisma at the expense of Sesen Bio's stockholders and calls for an immediate vote to resolve the Board's future.

Sesen Bio reaffirms its commitment to a merger with Carisma Therapeutics, stating it is the best option for stockholder value. Following a four-month review, the Board determined the merger offers an implied value of $0.88 per share after evaluating over 100 companies. The merger includes a special cash dividend of approximately $70 million ($0.34 per share) and a 25.2% ownership stake in the combined company. The Board warns against an alternative proposal from an investor group, citing significant risks and lower potential payouts. The merger aims to deliver immediate cash value and long-term upside to stockholders.

The Investor Group, owning 8.4% of Sesen Bio's common stock (NASDAQ: SESN), opposes the proposed merger with Carisma Therapeutics, deeming it value-destructive. They argue that Sesen Bio's $140 million cash reserve should be returned to shareholders, equating to $0.70 per share, a 15% premium. The Group criticizes the management's valuation of Carisma, particularly in light of a 30%-60% decline in comparable biotech firms. They demand an updated fairness opinion and have proposed terms including a $100 million cash dividend to support the merger.

Sesen Bio stockholders are set to receive a special cash dividend of approximately $70 million, or $0.34 per share, a significant increase from the previously announced $25 million. This amendment follows the engagement with an investor group demanding higher returns. The contingent value right now includes proceeds from the sale of Vicineum and other preclinical assets, alongside the milestone payments from the Roche agreement. The merger with Carisma Therapeutics is expected to finalize in Q1 2023, pending stockholder approval.

Sesen Bio announced a proposed merger with Carisma Therapeutics, focusing on advancing engineered macrophages for cancer treatment. The transaction is anticipated to close in 2-3 months, pending shareholder approval. Sesen Bio stockholders will own approximately 41.7% of the new entity. Sesen reported a third-quarter revenue of $40 million due to the Roche Asset Purchase Agreement, with a net income of $20.5 million. However, net income has decreased significantly from $71.7 million in Q3 2021, mainly due to higher restructuring charges and unfavorable non-cash expenses.

Sesen Bio has announced a definitive merger agreement with Carisma Therapeutics to create a clinical-stage biotechnology company focusing on engineered macrophages for cancer treatment. The combined entity is expected to have around $180 million in cash and equivalents post-merger, including $30 million from new financing. This merger enhances Carisma’s CAR-M therapy pipeline, including innovative treatments targeting solid tumors. The merger is projected to close in three to four months, with Sesen stockholders expected to own approximately 41.7% of the new entity.

Sesen Bio (SESN) announced Q2 2022 results, reporting a net loss of $32 million or $0.16 per share. The company has paused clinical development of its lead asset, Vicineum™, and is focusing on assessing strategic alternatives to maximize shareholder value. As of June 30, 2022, Sesen Bio has a strong cash position of $161.2 million. R&D expenses surged to $29.9 million compared to $7.2 million in Q2 2021, primarily due to the write-off of unutilized resources. General and administrative expenses also rose significantly, driven by legal settlements.

Sesen Bio has announced a strategic pause in the US development of its lead asset, Vicineum, for treating non-muscle invasive bladder cancer (NMIBC). This decision follows a detailed reassessment of the associated costs and regulatory requirements for an additional Phase 3 clinical trial after discussions with the FDA. The company aims to conserve cash and is seeking a partner for further development of Vicineum while exploring potential strategic alternatives to enhance shareholder value. As of June 30, 2022, Sesen Bio reported $161.2 million in cash.

Sesen Bio (Nasdaq: SESN) reported its Q1 2022 results, highlighting a robust cash position of $169.8 million, expected to fund operations into Q4 2024. The company is navigating regulatory pathways for a potential BLA resubmission for Vicineum™ to treat non-muscle invasive bladder cancer. Significant milestones include a $20 million payment from Roche under a licensing agreement, totaling $50 million in cumulative payments. Despite a net loss reduction to $0.8 million from $55.5 million year-over-year, G&A expenses rose due to legal costs and increased headcount.