Led from Goodwin’s San Francisco office, the Life Sciences team advised Cascadian Therapeutics’ (Nasdaq: CASC) board of directors and board transaction committee in the company’s definitive merger agreement under which Seattle Genetics has agreed to acquire Cascadian Therapeutics for approximately $614 million.
Under the terms of agreement, Seattle Genetics will commence a tender offer on or about February 8, 2018, to acquire all of the outstanding shares of common stock of Cascadian Therapeutics for $10 per share in cash. The tender offer is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of Cascadian Therapeutics common stock (on a fully diluted basis) and the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction was unanimously approved by the boards of directors of both companies and is anticipated to close in the first quarter of 2018.
Cascadian Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative product candidates for the treatment of cancer. The company’s most advanced program is tucatinib, an investigational oral, small molecule 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.
For additional details on the acquisition, please read the press release.