Seattle splashes out to round off mega month of M&A
USA-based Seattle Genetics (Nasdaq: SGEN) is to acquire Cascadian Therapeutics (Nasdaq: CASC) for around $614 million, it was announced on Wednesday.
News of the deal sent the share price of Cascadian, a company formerly known as Oncothyreon that is also based in Seattle, spiraling that morning. It opened 69% up at $9.95. The transaction is anticipated to close in the first quarter of 2018.
Cascadian’s most advanced program is tucatinib, an 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.
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