Market Overview

Seattle Genetics Announces Expiration of Hart-Scott-Rodino Waiting Period

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Seattle Genetics, Inc. (NASDAQ:SGEN) today announced that the required
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 (the "HSR Act") with respect to Seattle Genetics' proposed
acquisition of Cascadian Therapeutics, Inc. (NASDAQ:CASC) expired at
11:59 p.m. on February 15, 2018. The expiration of the HSR Act waiting
period satisfies one of the conditions to consummate the tender offer
and the acquisition. Other offer conditions remain to be satisfied,
including among others, a minimum tender of at least a majority of
outstanding Cascadian Therapeutics shares on a fully diluted basis.
Unless the tender offer is extended or earlier terminated in accordance
with the rules and regulations of the SEC and the merger agreement
governing the tender offer and the related transactions, the offer and
withdrawal rights will expire at 12:00 midnight, New York City time, on
March 9, 2018 (one minute after 11:59 p.m., New York City time, on March
8, 2018).

About Seattle Genetics

Seattle Genetics is an innovative biotechnology company dedicated to
improving the lives of people with cancer through novel antibody-based
therapies. The company's industry-leading antibody-drug conjugate (ADC)
technology harnesses the targeting ability of antibodies to deliver
cell-killing agents directly to cancer cells. Seattle Genetics
commercializes ADCETRIS® (brentuximab vedotin) for the
treatment of several types of CD30-expressing lymphomas. The company is
also advancing a robust pipeline of novel therapies for solid tumors and
blood-related cancers designed to address significant unmet medical
needs and improve treatment outcomes for patients. More information can
be found at www.seattlegenetics.com
and follow @SeattleGenetics on Twitter.

Additional Information and Where to Find It

This communication is neither an offer to purchase nor a solicitation of
an offer to sell any shares of the common stock of Cascadian
Therapeutics or any other securities. Valley Acquisition Sub, Inc. and
Seattle Genetics have filed a tender offer statement on Schedule TO with
the SEC and the offer to purchase shares of Cascadian Therapeutics
common stock will only be made pursuant to the offer to purchase, the
letter of transmittal and related documents filed with such Schedule TO
and Cascadian Therapeutics has filed a Solicitation/Recommendation
Statement on Schedule 14D-9 relating to the tender offer with the SEC.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER
STATEMENT, AS FILED AND AS IT MAY BE AMENDED FROM TIME TO TIME, AND THE
SOLICITATION/RECOMMENDATION STATEMENT, AS FILED AND AS MAY BE AMENDED
FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING
THE OFFER.
Investors and security holders may obtain a free copy of
these statements and other documents filed with the SEC at the website
maintained by the SEC at www.sec.gov
or by directing such requests to Innisfree M&A Incorporated toll-free at
(888) 750-5834.

Cautionary Statement Regarding Forward-Looking Statements

This communication may contain, in addition to historical information,
certain forward-looking statements regarding future events, conditions
or circumstances of Seattle Genetics and its affiliates, including
Valley Acquisition Sub, Inc. (collectively, the "Company") or Cascadian
Therapeutics following completion of the tender offer, the merger and
other related transactions (the "Transactions") and other statements
herein that are not historical fact. Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans," "expects," "expected," "scheduled," "estimates," "intends,"
"anticipates" or "believes," or variations of such words and phrases or
state that certain actions, events, conditions, circumstances or results
"may," "could," "would," "might" or "will" be taken, occur or be
achieved. Such forward-looking statements are not guarantees or
predictions of future performance, and are subject to known and unknown
risks, uncertainties and other factors, many of which are beyond our
control, that could cause actual results, performance or achievements of
the Company or Cascadian Therapeutics following completion of the
Transactions to differ materially from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Such risks and uncertainties include: (i) the risk that not all
conditions of the tender offer or the merger will be satisfied or
waived, (ii) uncertainties associated with any aspect of the
Transactions, including uncertainties relating to the anticipated timing
of filings and approvals relating to the Transactions, the outcome of
legal proceedings that may be instituted against Cascadian Therapeutics
and/or others relating to the Transactions, the expected timing of
completion of the Transactions, the satisfaction of the conditions to
the consummation of the Transactions and the ability to complete the
Transactions, (iii) the level of product sales in the United States,
Canada, the European Union, Japan and other countries in which the
Company has received approval by relevant regulatory authorities, (iv)
the results of discovery efforts and preclinical, clinical and
commercial activities by the Company or Cascadian Therapeutics, or those
of their respective competitors, (v) announcements of the FDA or foreign
regulatory approval or non-approval of product candidates, or specific
label indications for or restrictions, warnings or limitations in its
use, or delays in the regulatory review or approval process, in
connection with product candidates, (vi) announcements regarding the
results of the clinical trials that each of the Company and Cascadian
Therapeutics are conducting or may in the future conduct,
(vii) announcements regarding, or negative publicity concerning, adverse
events associated with the use of the Company's or Cascadian
Therapeutics' respective products or product candidates, (viii)
termination of or changes in the Company's or Cascadian Therapeutics'
existing collaborations or licensing arrangements, (ix) entry into
additional material strategic transactions including licensing or
acquisition of products, businesses or technologies, (x) actions taken
by regulatory authorities with respect to product candidates, clinical
trials or regulatory filings of the Company or Cascadian Therapeutics,
(xi) raising of additional capital and the terms upon which the Company
may raise any additional capital, (xii) market conditions for equity
investments in general, or the biotechnology or pharmaceutical
industries in particular, (xiii) developments or disputes concerning the
Company's or Cascadian Therapeutics' proprietary rights, (xiv)
developments regarding the pending and potential additional related
purported securities class action lawsuits, as well as any other
potential litigation, (xv) share price and volume fluctuations
attributable to inconsistent trading volume levels of the Company's
shares, (xvi) changes in government regulations, (xvii) economic or
other external factors and (xviii) other factors discussed under the
caption "Risk Factors" in each company's annual, quarterly and other
reports filed with the SEC, including the tender offer documents filed
by the Company and the solicitation/recommendation filed by Cascadian
Therapeutics. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate precisely,
and any or all of these forward-looking statements may turn out to be
wrong. The Company cannot give any assurance that such forward-looking
statements will prove to have been correct. The reader is cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this communication. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
conditions, circumstances or otherwise, except as required by applicable
law.

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