Rest­less Seat­tle Ge­net­ics snaps up a piv­otal-stage can­cer drug with $614M Cas­ca­di­an buy­out pact

Af­ter get­ting snubbed last year on a ma­jor col­lab­o­ra­tion with Im­munomedics, Seat­tle Ge­net­ics $SGEN CEO Clay Sie­gall has bounced back with a $614 mil­lion deal to ac­quire crosstown biotech Cas­ca­di­an Ther­a­peu­tics $CASC, now in a piv­otal Phase II with a new breast can­cer ther­a­py.

Cas­ca­di­an stock, which closed yes­ter­day at $5.90, im­me­di­ate­ly soared 68% for $9.90 in pre-mar­ket trad­ing.

You may re­mem­ber this com­pa­ny bet­ter un­der its old name, On­cothyre­on, af­ter it ex­e­cut­ed a se­ries of painful mis­steps — Stimu­vax, for ex­am­ple, one of sev­er­al can­cer vac­cine duds — that made a new name and a new CEO in Scott My­ers log­i­cal.

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