Monday, March 12, 2018
Seattle Genetics, Inc. announced it has completed its previously announced acquisition of Cascadian Therapeutics, Inc. The most advanced program in Cascadian Therapeutics’ pipeline is tucatinib, an investigational oral tyrosine kinase inhibitor (TKI) that is highly selective for HER2, a growth factor receptor that is overexpressed in multiple cancers, including breast, colorectal, ovarian and gastric. Tucatinib is currently being evaluated in a randomized global pivotal trial called HER2CLIMB for patients with HER2-positive (HER2+) metastatic breast cancer, including patients with or without brain metastases.
“This acquisition expands Seattle Genetics’ late-stage pipeline, providing another opportunity to bring a targeted therapy to cancer patients with a significant unmet medical need, and advances our goal of becoming a global, multi-product oncology company,” said Clay Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “Tucatinib, which is in an ongoing pivotal trial called HER2CLIMB, has the potential to provide a differentiated approach to treating HER2-positive metastatic breast cancer based on its activity and tolerability profile. In addition, it may have a role in earlier lines of metastatic breast cancer therapy and in other solid tumors. We look forward to joining efforts with the Cascadian team towards our common goal of improving outcomes for people with cancer.”
The acquisition of Cascadian Therapeutics was structured as a merger under Section 251(h) of the General Corporation Law of the State of Delaware following the successful completion of Seattle Genetics’ previously announced tender offer to purchase all outstanding shares of common stock of Cascadian Therapeutics for $10.00 per share in cash, without interest, less any applicable withholding taxes.
As a result of the merger, all remaining Cascadian Therapeutics common shares were converted into the right to receive $10.00 per share in cash, without interest, less any applicable withholding taxes.
Cascadian Therapeutics has requested that Nasdaq files a Form 25 with the United States Securities and Exchange Commission causing the delisting of Cascadian Therapeutics’ common stock from Nasdaq. Cascadian Therapeutics’ common stock will cease trading as of the close of trading on March 9, 2018.
As stated in Seattle Genetics’ financial results provided on and as of February 9, 2018, its operating expense guidance for 2018 does not include the impact of completing the acquisition of Cascadian Therapeutics. Seattle Genetics plans to update its 2018 operating expense guidance as part of a future financial results announcement.
