Sesen Bio discloses ~$0.34/shr special dividend, 25.2% stake in combined company in Carisma merger

Carisma Therapeutics Inc.

Expected one-time cash dividend of ~$70M ($0.34/shr) upon merger close; plus CVR up to $0.14/shr from legacy asset sales and Roche milestone.
Sesen Bio stockholders to own 25.2% of combined company valued at $357M, led by Carisma management.
Board conducted 4-month strategic review, contacted 100+ parties, received 42 bids; determined merger maximizes value vs dissolution.
In dissolution scenario, estimated initial distribution only $0.40-$0.60/shr, available after 6+ months, full process up to 3 years.
Special stockholder meeting on March 2, 2023; Sesen Bio urges vote 'FOR'.

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