SESN - Sesen Bio and Carisma Therapeutics announce merger agreement

• Sesen Bio ( NASDAQ: SESN ) and Carisma Therapeutics has entered into a definitive merger agreement to combine the companies in an all-stock transaction.
• The combined company will focus on the advancement of Carisma’s proprietary cell therapy platform that utilizes engineered macrophages and monocytes to potentially transform the treatment of cancer and other serious disorders.
• The combined company expected to have ~$180M of cash, equivalents and marketable securities at close, including $30M from a concurrent financing by Carisma, which is expected to fund the combined company through 2024.
• Also, the cash runway of combined company expected to enable multiple clinical readouts across Carisma programs.
• The combined company is expected to operate under the name Carisma Therapeutics and trade on Nasdaq under the ticker symbol “CARM”.

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