Pharma M&A machine unstoppable: Seattle Genetics acquires Cascadian for $614m

US-based biotech Seattle Genetics has announced today, before trading started in Wall Street, that it has acquired Cascadian Therapeutics for $614m. Specifically, Seattle Genetics has paid $10 per share, which accounts for a 69% premium over yesterday’s closing price. Cascadian Therapeutics’ main asset is tucatinib, a treatment already tested in a Phase-II clinical trial (HER2CLIMB) in patients with metastatic breast cancer. Important to mention that Cascadian has only 70 employees and hasn’t till now generated any turnover. The Cascadian’s capitalization till yesterday was just $256m. Seattle’s shares have dropped by 5% (Nasdaq), while Cascadian’s were up by 69% (Nasdaq).
(Source: Seattle Genetics)