PR snip today | SESN Message Board Posts

Sesen Bio, Inc.

  SESN website

SESN   /  Message Board  /  Read Message



Rec'd By
Authored By
Minimum Recs
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  221 of 232  at  2/3/2023 8:12:13 AM  by


PR snip today

Just so we can all do the math !
Highlights of the presentation include:

-- The merger with Carisma delivers substantial and immediate value for
Sesen Bio stockholders, which is meaningfully better than the alternative
of dissolution and liquidation
-- Expected special one-time cash dividend of approximately $70
million to be paid shortly after (and contingent upon) closing,
$0.34 per share1.
-- Additional potential cash upside via Contingent Value Right,
including any potential proceeds from any sale of Sesen Bio's
legacy assets (including Vicineum) and from the potential $30
million milestone payment, $0.14 per share2, under the Roche Asset
Purchase Agreement.
-- Without the pending merger with Carisma, the most likely and
feasible path for Sesen Bio would be a delisting from Nasdaq
followed by a court-managed dissolution of the Company and a
liquidation of assets.
-- The Sesen Bio Board thoroughly considered dissolution and
liquidation and determined there would be significant expense,
delay and uncertainty.
-- In a dissolution and liquidation scenario, only approximately
60%-90%3 of Sesen Bio's cash balance, approximately $0.40-$0.60
per share, would be available for an initial distribution, which
likely would not be available for six months or more after an
additional stockholder vote. The full process could take up to
three years in the Delaware court system to fully settle Sesen
Bio's potential future and unknown liabilities.
-- Sesen Bio conducted a robust strategic review process to maximize
stockholder value
-- The Sesen Bio Board proactively initiated a comprehensive
four-month review of strategic options, including evaluating
merger, sale of assets, resumption of R&D and dissolution and
liquidation of assets and wind-down of Sesen Bio.
-- Conducted outreach to over 100 parties, resulting in 42 bids.
-- Board negotiated with Carisma extensively, including additional
due diligence activities with Key Opinion Leaders with expertise
in solid tumors and cell therapy to analyze and understand
Carisma's pipeline and proprietary cell therapy platform.
-- Sesen Bio stockholders stand to benefit from significant potential upside
through ownership in combined company
-- Sesen Bio stockholders immediately benefit from owning 25.2% stake,
$0.40 per share4, in the $357 million5 combined company with
potential for significant long-term upside through Carisma's
proprietary CAR-M platform that could transform treatment for
patients with cancer and other serious disorders.
-- Combined company will be led by Carisma's Board and management
team, which has strong investor support, comprising of leaders
within biotech, including AbbVie, Moderna, Wellington and TPG.

     e-mail to a friend      printer-friendly     add to library      
Recs: 1  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board

Financial Market Data provided by