Seattle Genetics, Inc.(NASDAQ:SGEN) reported that its wholly-owned subsidiary firm, Valley Acquisition Sub, Inc., has started its earlier announced tender offer for all due shares of common stock of Cascadian Therapeutics Inc (USA)(NASDAQ:CASC) at a price of $10 per share net in cash, without interest, discounting any applicable withholding taxes. The Offer is being done in connection with the Plan of Merger and Agreement, dated as of January 30, 2018, among Valley Acquisition Sub, Cascadian Therapeutics and Seattle Genetics.
Cascadian Therapeutics board has decided that the offer is advisable, in the best interests of and fair to company and its stockholders and unanimously mentions that the stockholders of Cascadian tender their shares. Complete guidelines of the tender offer can be noted in the Letter of Transmittal, Offer to Purchase and other pertinent materials that will be submitted with the Securities and Exchange Commission on February 8, 2018. Moreover, Cascadian Therapeutics will submit a Recommendation/ Solicitation Statement on Schedule 14D-9 with the U.S. SEC pertaining to the offer.
The Offer is intended to expire on March 9, 2018, unless the Offer is earlier terminated or extended in accordance with the regulations and rules of the SEC and the merger deal governing the Offer and the linked transactions. Seattle Genetics marks as an innovative biotechnology firm dedicated to enhancing the lives of people with cancer via novel antibody-based therapies.
The firm’s industry-leading ADC technology improves the targeting ability of antibodies to offer cell-killing agents straight to cancer cells. It commercializes ADCETRIS® for the treatment of numerous types of CD30-expressing lymphomas.
The firm is also developing a robust pipeline of unique therapies for blood-related cancers and solid tumors intended to address considerable unmet medical needs and enhance treatment outcomes for patients. Cascadian Therapeutics marks as a clinical-stage biopharmaceutical firm committed to developing unique product candidates for the cure of cancer.