Sesen Bio falls on merger with Carisma Therapeutics

Carisma Therapeutics

21/09/2022 15:31

** Cancer therapies developer Sesen Bio Inc's  SESN.O 
shares down ~34% at $0.44
    ** Company to merge with immunotherapies developer Carisma
Therapeutics in all-stock deal
    ** SESN stockholders are expected to own about 41.7% of the
combined company, with Carisma shareholders owning the rest
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    ** New company will operate under the name Carisma
Therapeutics Inc and trade on Nasdaq under the ticker symbol
"CARM"; Carisma's CEO Steven Kelly to lead the new company
    ** SESN says combined company will have ~$180 mln of cash
and cash equivalents after the deal, and will aim to primarily
develop Carisma's cancer therapies
    ** SESN in July paused development of its bladder cancer
drug, a year after U.S. regulators declined to approve the drug
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 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com))