Sesen Bio reaches deal with investor group, paving way for Carisma merger
With a new deal, Sesen Bio’s merger with CAR-M player Carisma Therapeutics is finally getting the signal to move forward.
The deal, announced Tuesday, was reached with an investor group that currently controls 8.7% of Sesen Bio’s shares. The group, led by Bradley Radoff and Michael Torok, had previously called the merger “illogical” and “value-destructive.”
If the merger goes through, Sesen’s spot on Nasdaq would be taken over by Carisma and trade as $CARM. Carisma’s current management team, including CEO Steven Kelly, would lead the combined biotech moving forward. The merger with Carisma was announced back in September after Carisma beat out 41 other companies to merge with Sesen Bio. Sesen said in January that it took four months for its board to evaluate all its options.
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