Market Overview

Seattle Genetics Completes Tender Offer for All Shares of Cascadian Therapeutics

Share:

Seattle Genetics, Inc. (NASDAQ:SGEN) today announced the expiration of
the tender offer (the "Offer") by a wholly owned subsidiary, "Merger
Sub", for all of the shares of common stock of Cascadian Therapeutics,
Inc. (NASDAQ:CASC), for a price of $10.00 per share in cash, without
interest, less any applicable withholding taxes. The Offer expired at
12:00 midnight, New York City time, on March 9, 2018. Seattle Genetics
expects to complete today the acquisition of Cascadian Therapeutics
through a merger without a vote of Cascadian Therapeutics stockholders
pursuant to Section 251(h) of the Delaware General Corporation Law.

The depositary for the tender offer has advised Seattle Genetics that,
as of the expiration of the Offer, a total of 50,195,129 shares had been
validly tendered into and not validly withdrawn from the Offer, which
tendered shares represent approximately 91% of Cascadian Therapeutics'
outstanding shares of common stock and a sufficient number of shares
such that the minimum tender condition to the Offer was satisfied.
Additionally, the depositary has advised that an additional 144,625
shares had been tendered by notice of guaranteed delivery, representing
less than 1% of the Cascadian Therapeutics shares of common stock
outstanding. Accordingly, all shares that were validly tendered and not
validly withdrawn were accepted for payment and Seattle Genetics will
promptly pay for all such tendered shares in accordance with the terms
of the Offer.

As a result of the merger, Cascadian Therapeutics will become a
subsidiary of Seattle Genetics. In the merger, each share of Cascadian
Therapeutics (other than shares owned by stockholders who are entitled
to demand and properly demand appraisal in connection with the merger
and shares owned by Seattle Genetics, Merger Sub or any other wholly
owned subsidiary of Seattle Genetics and shares owned by Cascadian
Therapeutics or any wholly owned subsidiary of Cascadian Therapeutics,
and in each case not held on behalf of third parties) will be cancelled
and converted into the right to receive the same $10.00 per share in
cash, without interest, less any applicable withholding taxes, that was
paid in the Offer. Following completion of the merger, Cascadian
Therapeutics common stock will no longer be listed for trading on the
NASDAQ Global Select Market, which is expected to take effect later
today.

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.

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 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
Seattle Genetics 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 level of product sales in
the United States, Canada, the European Union, Japan and other countries
in which Seattle Genetics has received approval by relevant regulatory
authorities, (ii) the results of discovery efforts and preclinical,
clinical and commercial activities by Seattle Genetics, or those of its
competitors, (iii) 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, (iv) announcements regarding the results of the
clinical trials Seattle Genetics is conducting or may in the future
conduct, (v) announcements regarding, or negative publicity concerning,
adverse events associated with the use of Seattle Genetics' products or
product candidates, (vi) termination of or changes in Seattle Genetics'
existing collaborations or licensing arrangements, (vii) entry into
additional material strategic transactions including licensing or
acquisition of products, businesses or technologies, (viii) actions
taken by regulatory authorities with respect to product candidates,
clinical trials or regulatory filings of Seattle Genetics, (ix) raising
of additional capital and the terms upon which Seattle Genetics may
raise any additional capital, (x) market conditions for equity
investments in general, or the biotechnology or pharmaceutical
industries in particular, (xi) developments or disputes concerning
Seattle Genetics' proprietary rights, (xii) developments regarding the
pending and potential additional related purported securities class
action lawsuits, as well as any other potential litigation, (xiii) share
price and volume fluctuations attributable to inconsistent trading
volume levels of Seattle Genetics' shares, (xiv) changes in government
regulations, (xv) economic or other external factors and (xvi) other
factors discussed under the caption "Risk Factors" in each company's
Annual Report on Form 10-K for the year ended December 31, 2017 and
other reports filed with the SEC, including the tender offer documents
filed by Seattle Genetics and the solicitation/recommendation to be
filed by Cascadian Therapeutics. Many of these risks and uncertainties
relate to factors that are beyond the Seattle Genetics' ability to
control or estimate precisely, and any or all of the Seattle Genetics'
forward-looking statements may turn out to be wrong. Seattle Genetics
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. Seattle Genetics 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.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com