Seattle Genetics buys out Cascadian Therapeutics for $614 million
Gaining a total revenue of up to $483 million at the end of 2017, Seattle Genetics has signed a merger agreement to acquire Cascadian Therapeutics. The company will pay $10.00 per share, which equates to approximately $614 million.
The biotech company is working to strengthen its diverse portfolio and improve the lives of people with cancer by investing in antibody-based therapies, such as ADCETRIS. Similarly to Sanofi, the company is also investing in the development of novel therapies for solid tumours and blood-related cancers, in order to provide high quality treatment and positive outcomes for patients.
Cascadian Therapeutics will therefore compliment Seattle Genetic’s strategic goals. A clinical-stage biopharmaceutical company dedicated to developing innovative product candidates for the treatment of cancer, the company houses a significantly advanced program in the treatment of multiple cancers.
Its tucatinib program, an an investigational oral, small molecule tyrosine kinase inhibitor (TKI) which is highly selective for HER2, a growth factor receptor that is overexpressed in multiple cancers, is currently being evaluated in a randomised global pivotal trial called HER2CLIMB for patients with HER2-positive (HER2+) metastatic breast cancer, including patients with or without brain metastases.
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When combined with chemotherapy and other HER2-directed agents including Herceptin and Kadcyla, the results have been well received by patients with and without brain metastases.
“This acquisition would enhance our late-stage clinical pipeline with a potentially best-in-class, orally available and highly selective TKI for patients with HER2-positive metastatic breast cancer,” commented Clay Siegall, PhD, President and Chief Executive Officer of Seattle Genetics.
“Tucatinib would complement our existing pipeline of targeted cancer therapies, provide a third late-stage opportunity for a commercial product in solid tumours and expand our global efforts in breast cancer. It also leverages our broad expertise and resources to advance and expand the tucatinib program for patients.
“Beyond breast cancer, we believe there may be opportunities for tucatinib in other tumor types, such as HER2-positive metastatic colorectal cancer. Cascadian’s pipeline also includes a preclinical immuno-oncology agent.”