- Senen Bio Inc SESN and privately owned Carisma Therapeutics Inc to have entered into a merger Agreement to combine the companies in an all-stock transaction.
- The combined company will operate under the name Carisma Therapeutics under the “CARM symbol” and is expected to have approximately $180 million in cash and cash equivalents, including $30 million from Carisma’s concurrent financing, which the Company expects to raise through will finance in 2024.
- Sesen Bio was rejected by the FDA for its lead product, Vicineum, for treating non-muscle-invasive bladder cancer. In July, Senen stopped developing the product and started search for alternatives.
- Carisma recently entered into a strategic partnership with Moderna Inc MRNA for in vivo CAR-M therapies for up to 12 cancer targets.
- Carisma received a $45 million upfront payment and a $35 million convertible bond investment from Moderna.
- As part of the collaboration, Carisma will receive full research funding and is eligible to receive milestone payments and sales licenses.
- Carisma also has a partnership with Novartis AG NVS to act as Carisma’s contract manufacturing organization for the clinical supply of its lead clinical program, CT-0508.
- Price promotion: SESN shares are down 39.20% to $0.41 on the latest check Wednesday.
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