Seattle Genetics’s $614 Million Acquisition of Cascadian Therapeutics

Leerink Partners LLC is acting as lead financial advisor to Seattle Genetics. Barclays and J.P. Morgan Securities LLC are also acting as financial advisors on the transaction. Perella Weinberg Partners LP is acting as financial advisor to Cascadian Therapeutics. Legal counsel for Seattle Genetics is Sullivan & Cromwell LLP and legal counsel for Cascadian Therapeutics is Reed Smith LLP. Goodwin Procter LLP acted as special counsel for the Cascadian Therapeutics Board of Directors and Board transaction committee.

Seattle Genetics, Inc. (Nasdaq:SGEN) and Cascadian Therapeutics, Inc. (Nasdaq:CASC) have signed a definitive merger agreement under which Seattle Genetics has agreed to acquire Cascadian Therapeutics. Under the terms of the agreement, Seattle Genetics will pay $10.00 per share in cash, or approximately $614 million. The transaction was unanimously approved by the Boards of Directors of both companies.

Cascadian Therapeutics’ most advanced program is tucatinib, an investigational oral, small molecule tyrosine kinase inhibitor (TKI) that is highly selective for HER2, a growth factor receptor that is overexpressed in multiple cancers, including breast, colorectal, ovarian and gastric. Tucatinib is currently being evaluated in a randomized global pivotal trial called HER2CLIMB for patients with HER2-positive (HER2+) metastatic breast cancer, including patients with or without brain metastases. Tucatinib has been evaluated as a single agent and in combination with both chemotherapy and other HER2-directed agents including Herceptin® (trastuzumab) and Kadcyla® (trastuzumab emtansine). Results from phase 1b trials showed that the combination of tucatinib, capecitabine and trastuzumab was generally well-tolerated and demonstrated clinical activity in patients with and without brain metastases. The data support the ongoing pivotal trial and the potential role of tucatinib in earlier lines of metastatic breast cancer.

Cascadian Therapeutics, Inc. operates as a biotechnology company. The Company, led by Scott Myers, Julia M Eastland and Gary Christianson, focuses on the development of synthetic vaccines and strategies for immunotherapy of cancer.

Goodwin advised Cascadian Therapeutics with a team including Bradley Bugdanowitz (Picture) Jacqueline Mercier, Andrea Murino, Deborah Birnbach, Michael Jones, Brian Mukherjee, Todd Hahn and Kirby Lewis.

Paul Hastings LLP represented Barclays and JPMorgan Chase Bank as lead arrangers with respect to a $400,000,000 committed financing provided to Seattle Genetics with a team including John Cobb, Marisa Sotomayor, Matthew Bartlett, Bianca Lee, and Robert Matz.

Involved fees earner: Bradley Bugdanowitz – Goodwin Procter; Jacqueline Mercier – Goodwin Procter; Michael Jones – Goodwin Procter; Andrea Agathoklis Murino – Goodwin Procter; Todd Hahn – Goodwin Procter; Kirby Lewis – Goodwin Procter; Deborah Birnbach – Goodwin Procter; Brian Mukherjee – Goodwin Procter; John Cobb – Paul Hastings; Marisa Sotomayor – Paul Hastings; Matthew Bartlett – Paul Hastings; Bianca Lee – Paul Hastings; Rob Matz – Paul Hastings;

Law Firms: Goodwin Procter; Paul Hastings;

Clients: Barclays Bank; JPMorgan Chase & Co.; Cascadian Therapeutics;


Author: Ambrogio Visconti