Sesen Bio (SESN.US), late-stage clinical company, is one of the worst performing stocks on Wall Street today. Share price plunges around 35% following announcement of merger agreement between Sesen Bio and Carisma Therapeutics, a closely-held US biotechnology company. Merger will be an all-stock deal with current Sesen shareholders owning 41.7% of the combined entity and current Carisma shareholders owning the other 58.3%. Deal was unanimously approved by boards of both companies and is expected to close in 3-4 months. A new company will operate as Carisma Therapeutics and will be listed on NASDAQ exchange under ticker CARM.
Share price of Sesen Bio (SESN.US) slumped following news of merger with private company Carisma Therapeutics. Stock is down 35% today and trades at the lowest level since mid-May 2022. Source: xStation5
