Seattle Genetics Commences Tender Offer for Cascadian Therapeutics, Inc.
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Written by Seattle Genetics, Inc.   
Thursday, 08 February 2018
Seattle Genetics, Inc. (NASDAQ:SGEN) today announced that its wholly-owned subsidiary, Valley Acquisition Sub, Inc., has commenced its previously announced tender offer for all outstanding shares of common stock of Cascadian Therapeutics, Inc. (NASDAQ:CASC) at a price of $10.00 per share net to the seller in cash, without interest, less any applicable withholding taxes (the “Offer”).
 
The Offer is being made in connection with the Agreement and Plan of Merger, dated as of January 30, 2018, among Seattle Genetics, Valley Acquisition Sub, and Cascadian Therapeutics.

The board of directors of Cascadian Therapeutics has determined that the offer is advisable, fair to and in the best interests of Cascadian Therapeutics and its stockholders and unanimously recommends that the stockholders of Cascadian Therapeutics tender their shares.

Complete terms and conditions of the tender offer can be found in the Offer to Purchase, Letter of Transmittal and other related materials that will be filed with the Securities and Exchange Commission (the “SEC”) on February 8, 2018. In addition, Cascadian Therapeutics will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC relating to the offer.

The Offer is scheduled to expire at midnight, New York City time, on March 9, 2018 (one minute after 11:59 p.m. Eastern Time on March 8, 2018), unless the Offer is extended or earlier terminated in accordance with the rules and regulations of the SEC and the merger agreement governing the Offer and the related transactions.

Copies of the Offer to Purchase, Letter of Transmittal and other related materials are available free of charge at the SEC’s website (www.sec.gov) or by directing a request to Innisfree M&A Incorporated, the information agent for the tender offer, toll-free at (888) 750-5834. Computershare Trust Company, N.A. is acting as depositary for the tender offer.

About Seattle Genetics :

Seattle Genetics, Inc.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.

About Cascadian Therapeutics :

Cascadian Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative product candidates for the treatment of cancer. For more information, please visit www.cascadianrx.com.

Contacts

Seattle Genetics, Inc.
Investors:
Peggy Pinkston, 425-527-4160
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