Reed Smith LLP represented Cascadian Therapeutics, Inc., in connection with its proposed sale to Seattle Genetics, Inc. Under the terms of the agreement that was entered into on January 30, 2018, Seattle Genetics will pay $10 per share in cash to acquire the company, or approximately $614 million in the aggregate. The transaction will be consummated by a tender offer followed by a merger, subject to customary closing conditions. 

Cascadian, a clinical-stage biopharmaceutical company, develops innovative products for cancer treatment. The company’s most advanced program, tucatinib, is currently being evaluated in a randomized global pivotal trial for patients with HER2-positive metastatic breast cancer. Seattle Genetics, a biotechnology company, focuses on developing novel antibody based therapies for cancer treatment.

The Reed Smith deal team included Jennifer W. Cheng (New York); Paul Jaskot, Howard Shecter, John Martini, Megan Cribbs, Samantha Peruto, Kristin Antario, and Nicole Martini (Philadelphia); Leo Hitt and Debra Dermody (Pittsburgh); and John McWilliams (Tysons Corner).

Click here to read the Cascadian news release.